This excerpt taken from the PBR 6-K filed Dec 9, 2009.
Formation tests prove the potential of Iara
Rio de Janeiro, December 8, 2009 PETRÓLEO BRASILEIRO S/A - PETROBRAS, announces the completion of the formation tests for well 1-BRSA-618-RJS (1-RJS-656), located in the area informally called Iara, in the block BM-S-11.
The tests proved the area's exploratory potential through of the production of light oil, of approximately 28º API, and allowed the estimated recoverable volume for the Iara area to be maintained between 3 to 4 billion barrels of oil and natural gas, as announced after the drilling that was completed in September 2008.
The well tested happen at of 2,230 meters water depth, at nearly 230 km off the coast of the State of Rio de Janeiro (figure below). Due to the need to relocate the drilling rig, it was not possible to fully complete the test, and another well is expected to be drilled in the area during 2010.
The Consortium, formed by Petrobras (65% - Operator), BG Group (25%), and Galp (10%) will carry on with the exploratory activities and make the investments required to assess the field, pursuant to the Evaluation Plan approved by the ANP.
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) 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 08, 2009
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