Petrobras Clarifies on Capitalization, Tupi Drilling Program

Tupi Wells in BM-S-11
(Click to Enlarge)

Petrobras is working with the expectation that the Bills sent to the National Congress will be approved, and that the capitalization with the Transfer of Rights will take place no later than at the end of July of this year and that the Company is not considering the possibility of a capitalization though the issue of preferred stock (PN) only or other structures of equity issue.

In accordance with the clarification released on March 24, 2010, the Company is considering the execution of the Capitalization to finance part of the investments of the Business Plan foreseen for the 2010 - 2014 period of US $200 billion to US $220 billion, without jeopardizing the maximum net leverage level of 35% and the Net Debt/EBITDA ratio limited at 2.5.

Regarding the news about the drilling of 16 wells in the Tupi area before the declaration of commerciality, the Company informs that this number refers to Block BM-S-11, which includes the Tupi and Iara areas. The Company has already completed 6 wells in Tupi (1-RJS-628, 3-RJS-646, 4-RJS-647, 3-RJS-662, 9-RJS-660 and 3-RJS-666) and one in Iara (1-RJS-656). It is already expected the drilling of an additional well in Iara and 7 exploratory wells and one production well in Tupi, totaling 16 wells.


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