Petrobras Reports Two Natural Gas Finds to ANP

RIO DE JANEIRO (Dow Jones Newswires), Apr. 14, 2009

Brazilian state-run energy giant Petroleo Brasileiro SA (PBR), or Petrobras, notified the National Petroleum Agency late Monday that it had discovered traces of natural gas in two exploration wells.

Petrobras said it found traces of gas in a wildcat well drilled at the ES-T-505 inland block in the Espirito Santo Basin. The 4BRSA722ES well was drilled by the BCH Energy 1 rig at a target depth of 816 meters, according to drilling data.

Traces of natural gas were also found in the offshore BCAM-40 block in the Camamu Basin, off the coast of northeast Brazil's Bahia state. Drilling data showed the Petrobras XVII rig operating at a water depth of 295 meters, targeting 4,625 meters.

In January, Petrobras reported a similar natural gas find in the block.

Petrobras is lead operator of the block with a 35% stake. Local oil company Manati holds a 45% stake, while Brasoil Manati Exploracao Petrolifera and Rio das Contas Produtora de Petroleo each hold a 10% share.

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 do not indicate commercial viability.  

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