Petrobras Confirms Quality Oil in Iara Offshore Brazil

Petrobras has completed the Iara Horst well (3-BRSA-891A-RJS) in the BM-S-11 concession in the Santos Basin, offshore Brazil. The 3-BRSA well encountered good quality oil in a thick reservoir section, about 28 degrees API. Preliminary results indicate Iara Horst demonstrates superior reservoir characteristics compared with the original discovery well, which is located 5 miles (8 kilometers) away. Additional activities will now continue on Iara, which includes a drill stem test in 2011. The well was drilled in a water depth of 7,477 feet (2,279 meters), nearly 143 miles (230 kilometers) off the coast of Rio de Janeiro. Block BM-S-11 is operated by Petrobras, holding a 65% interest; BG Group holds 25%; and Petrogral holds the remaining interest.

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