Petrobras Clarifies Tupi Area Evaluation

Concerning information regarding area BMS-11 (Tupi) published by the press this Wednesday (08/29), Petrobras clarifies that:

A second well (1-RJS-646) started being drilled on May 7 2007, 10 kilometers away from the pioneer well (1-RJS-628). It was concluded on July 24 and proved the discovery well's oil-bearing reservoirs occurred in this well.

This fact was not divulged to the market since it will only be possible to draw conclusions regarding the area's productivity and commercial viability after the formation tests have been wrapped-up. Once concluded, these tests' results will be announced to the market, with the required degree of technical accuracy, and registered at the NPA, pursuant to the legislation in effect.

Evidence there was oil in the Tupi area was first announced to the market on July 11 2006. Future developments will be made public in accordance with the law and with the agreements signed with partner companies. Petrobras holds 65%, British company BG 25%, and Portuguese corporation Petrogal holds 10% of the stakes in question.