Petrobras: 'Jubarte Pre-Salt Reserve Estimates Are Premature'

Petrobras, with regard to the story published in the Agencia Estado's Broadcast titled "Jubarte might be half as big as Tupi," reasserts the announcement made on September 9, 2008.

Currently, in addition to the Long Duration Test carried out at well 1–ESS-103, Petrobras is drilling well 6-BAZ-1DB-ESS (Baleia Azul) and recently started drilling well 6-BFR-1-ESS (Baleia Franca), both seeking to reach the pre-salt layers. Only after the drilling of these two wells has been completed and the phases of the evaluation process have been concluded will it be possible to estimate the volumes of recoverable oil, which will be announced to the market in a timely manner.

Therefore, any estimation regarding the reserves in the pre-salt layer is premature.