Petrobras Acquires Interest Offshore Benin

Petrobras has acquired a 50% interest in Block 4, located off the coast of Benin, from Compagnie Beninoise des Hydrocarbures, a subsidiary of Lusitania Petroleum. The block covers an area of about 7.4 thousand square kilometers, in water depths ranging from 656 to 9,843 feet (200 to 3,000 meters), and is located about 37 miles (60 kilometers) from the coast.

CBH will remain as the operator, and hold a 50% interest, but Petrobras has the right to take over the operation. Petrobras will collect and process 2,250 square kilometers of 3D seismic data in 2011; and once the exploratory potential of the area is confirmed, the consortium will drill three wells, stated Petrobras.

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