Petrobras Continues String of Espirito Santos Finds

RIO DE JANEIRO (Dow Jones Newswires), May 6, 2009

Brazilian state-run energy giant Petroleo Brasileiro SA (PBR), or Petrobras, notified the National Petroleum Agency of another discovery in the Espirito Santo Basin, the fifth oil or natural gas find in the basin over the past month.

Petrobras said it found traces of oil in a wildcat well drilled in the ES-T-364 block. A previous well at the inland block tested positive in mid-April. The ANP was notified of the discovery late Monday, but it was posted to the regulator's Web site late Tuesday.

Earlier this week, Petrobras said it found traces of oil and gas for a second time at the ES-T-372 inland block. A test well at the ES-T-505 block also showed positive for oil and gas in mid-April.

The latest discovery was made in the 4BRSA728ES prospect. The well was drilled by the Drillfor-4 rig to a target depth of 805 meters, according to ANP drilling data.

Oil companies operating in Brazil must inform the ANP of indications of oil, gas or hydrocarbons in any exploratory well within 48 hours. The disclosures are routine, and do not indicate commercial viability.  

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