Petrobras Encounters Oil in the Santos Basin's Pre-Salt Layer

Petrobras has announced that the consortium formed by Petrobras (65% - Operator), the BG Group (25%), and Galp Energia (10%), to explore block BM-S-11, in ultradeep Santos Basin waters, proved the existence of yet another light oil field, with specific gravity around 30 degrees API, in the pre-salt reservoirs.

Block BM-S-11 is composed of two exploratory areas. The first well, the 1-BRSA-369A-RJS (1-RJS-628A), was
drilled in the larger one, informally called Tupi. That discovery was announced on July 11 2006, and its
Assessment Plan was approved by the NPA and is currently in execution.

The new discovery well, called 1-BRSA-618-RJS (1-RJS-656) and informally know as Iara, is located in the
smaller area of the original block, approximately 230 kilometers off the coast of the city of Rio de Janeiro, and 2,230 meters from the water line. The well is still being drilled by the semisub Noble Paul Wolff in search of deeper prospects.

The discovery was proved by a light oil sampling collected via a cable test carried out in reservoirs at a depth of
5,600 meters. It was communicated to the National Petroleum Association (NPA) today.

After well completion, the Consortium will proceed with the activities and make the investments that are required to verify both field dimensions and oil reservoir characteristics by forwarding an Assessment Plan to the NPA, as provided for in the Concession Agreement.


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