Petrobras Makes Third Find in Offshore Santos Block

RIO DE JANEIRO (Dow Jones Newswires), Aug. 18, 2009

Brazilian state-run energy giant Petroleo Brasiliero SA, or Petrobras, notified the country's National Petroleum Agency late Monday of a third oil find in an offshore Santos Basin block.

The find was made at the BS-500 block in the Santos Basin, off the coast of Rio de Janeiro and Sao Paulo states. The Peregrine 1 rig spudded the 5BRSA744RJS well at the BS-500 block, drilling to a total depth of 4,163 meters, according to ANP drilling data.

Monday's notification was the second this month for the prospect. Earlier in August, Petrobras notified the ANP that it had found traces of oil in the same well.

Petrobras holds a 100% stake in the block.

The BS-500 block was also the site of a discovery in April, when Petrobras said that the 9URG5DRJS well tested positive for oil and natural gas.

The Petrobras X semisub drilling rig that drilled the wildcat was also in the process of drilling another well in the block, ANP data showed. The Petrobras X rig was drilling the 7URG6HPRJS well, targeting a depth of 4,592 meters.

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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