Brazil's Starfish Reports Potiguar Oil Find to ANP

RIO DE JANEIRO (Dow Jones Newswires), Mar. 30, 2009

Brazilian independent driller Starfish Oil & Gas informed the country's National Petroleum Agency late Friday that it had discovered traces of oil in the Potiguar Basin.

According to the ANP's Web site, Starfish found indications of oil in the 1STAR11RN well drilled at the inland POT-T-749 block of the Potiguar Basin. The basin is located on the border of northern Brazil's Ceara and Rio Grande do Norte states.

Starfish holds a 30% stake in the block, while state-run energy giant Petroleo Brasileiro (PBR) maintains a 70% share. It was unclear which company is lead operator of the block, although Starfish was responsible for the well that yielded the find.

Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 72 hours. The disclosures are routine, and don't indicate commercial viability.  

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