Petrobras Plays Down BM-S-12 Discovery


Santos Basin, Campos Basin
(Click to Enlarge)

With regard to news published by the press yesterday and today informing that the Company "discovered a large amount of oil to the south of Tupi," Petrobras clarifies that:

As required by the law in effect, on October 13, 2008, the consortium formed by Petrobras (70% - Operator) and Queiroz Galvao (30%) notified the NPA regarding "evidence of hydrocarbons" in block BM-S-12, to the south of the Santos Basin. Due to operating issues, the rig did not finish drilling the well (1BRSA617SCS) and, because of this, it will return to the block in the future to complete the work.

Although the notification of evidence of hydrocarbons is a positive fact, it does not imply in a commercial discovery of oil or gas, something that can only be assessed when the well is completed and operations continue in block BM-S-12. For this reason, Petrobras did not divulge the fact to the market and to the press.

After the well's drilling procedures have been completed, and if subsequent assessments prove technical and economic relevance, Petrobras will proceed to duly announce this fact, as it always has done.
 

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