Brazil
The drilling of the eighth well in the Tupi area confirmed the potential of light oil in the pre-salt reservoirs in ultra-deep water Santos Basin.
The new well, informally known as Iracema Norte, is located in the Tupi Evaluation Plan area, in a water depth of 2,247 meters, approximately 240 km from the coast of the state of Rio de Janeiro and 6 km to the northeast of Iracema well.
The well confirmed the depth of oil/water contact and proved, through cable test samples, the discovery of light oil with the same characteristics of Iracema well, with density of approximately 29ºAPI.
The information obtained in the well and in the other wells already drilled in the area reinforces the estimates of the potential of 5 to 8 billion barrels of recoverable light oil and natural gas in the pre-salt reservoirs of the Tupi area.
The Consortium, comprised of Petrobras (65% - Operator), BG Group (25%) and Galp Energia (10%), for the exploration of the block BM-S-11, where the Tupi area is located, will give continuity to the activities and to the investments foreseen in the Evaluation Plan approved by the ANP which provides for the drilling of other wells until the declaration of marketability, expected to take place in December 2010.
This press release is merely of an informative nature, it does not constitute an offer, invitation or request of subscription offer or purchase of any securities in Brazil or in any other jurisdiction and, therefore, it should not be used as basis for any investment decision.
