This excerpt taken from the PBR 6-K filed Nov 25, 2008.
Discovery in the Jequitinhonha Basin
(Rio de Janeiro, November 25, 2008). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that it has proved the presence of hydrocarbons in well 1-BRSA-669-BAS (1-BAS-147), located to the south of the Jequitinhonha Basin, in sandy reservoirs located above the salt layer. This discovery indicates the basins good potential.
The well is located in concession BM-J-3, operated by Petrobras. Petrobras and StatoilHydro are partners in this concession, with 60% and 40% of the stakes, respectively. The block is located some 74 kilometers off the coast of the State of Bahia, at a depth of 2,354 m from the waterline (see the figure below).
The reservoirs that were discovered are arenite reservoirs and are at a depth of approximately 3,630 m. The extent of the field and its economicity will be assessed at a later time in an Assessment Plan (AP) to be proposed to the National Petroleum Association (NPA), as provided for by the concession agreement.
Drilling will continue to deeper horizons, giving continuity to the originally planned studies.
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: November 25, 2008
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