This excerpt taken from the PBR 6-K filed Aug 30, 2007.
Clarification on the Tupi area assessment
(Rio de Janeiro, August 29, 2007). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, concerning information regarding area BMS-11 (Tupi) announced by the press today, clarifies:
A second well (1-RJS-646) started being drilled on May 7 2007, 10 kilometers away from the pioneer well (1-RJS-628). It was concluded on July 24 and proved the discovery wells oil-bearing reservoirs continued Southeast wardly.
This fact was not divulged to the market since it will only be possible to draw conclusions regarding the areas productivity and commercial viability after the formation tests have been wrapped-up. Once concluded, these tests results will be announced to the market, with the required degree of technical accuracy, and registered at the NPA, pursuant to the legislation in effect.
Evidence there was oil in the Tupi area was first announced to the market on July 11 2006. Future developments will be made public in accordance with the law and with the agreements signed with partner companies. Petrobras holds 65%, British company BG 25%, and Portuguese corporation Petrogal holds 10% of the stakes in question.
This was the information that was provided to analysts, investors, and shareholders. Investment analyst reports, as required by the legislation, are the entire responsibility of the financial institutions they are connected to. Company executives are not responsible for the evaluation that the Tupi area results will only be divulged by Petrobras after the NPAs 9th Bidding Round, scheduled for next November. In fact, the author of the report is responsible for this information, as the analyst himself reaffirmed in a correspondence sent to Petrobras today.
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: August 30, 2007
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.