This excerpt taken from the PBR 6-K filed Dec 21, 2007.
Another oil-bearing well discovered in the Santos Basins Pre-Salt layer
(Rio de Janeiro, December 20, 2007). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that the Consortium formed by Petrobras (80% - Operator) and Galp Energia (20%) to explore block BM-S-21, in deep Santos Basin waters, via well 1-BRSA-526-SPS (1-SPS-51), has proven there is a light oil field in the pre-salt layer in the Santos Basin. The pioneer well is located 280 km off the coast of the State of São Paulo (view the figure below), 2,234 meters below sea surface. The wells depth is 5,350 m.
The discovery, communicated to the NPA pursuant to the legislation in effect, was proved through signs of oil and via profile interpretation, in reservoirs nestled at a depth of nearly 5,000 meters. The well has not been tested yet due to operating and logistics reasons.
The Consortium will undertake the necessary activities and make the required investments to check the fields dimensions and verify the oil reservoirs characteristics. Furthermore, it is elaborating the Discovery Evaluation Plan it will send to the NPA, as provided for in the Concession Agreement.
This document may contain forecasts that merely reflect the expectations of the Companys management. Such terms as anticipate, believe, expect, forecast, intend, plan, project, seek, should, along with similar or analogous expressions, are used to identify such forecasts. These predictions evidently involve risks and uncertainties, whether foreseen or not by the Company. Therefore, the future results of operations may differ from current expectations, and readers must not base their expectations exclusively on the information presented herein.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: December 20, 2007
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