This excerpt taken from the PBR 6-K filed Jan 14, 2008.
Gas and condensate discovered in Peru
(Rio de Janeiro, January 14, 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 the consortium formed by Petrobras (35.15%), Repsol (41% - Operator) and Burlington Resources (23.85%) has discovered gas in Peru, in exploratory well Kinteroni X1, in Block 57, in the Cuzco province (see the figure below).
The Kinteroni discovery structure is more than 22 kilometers long and has some 115 meters of liquid gas and condensate reservoirs. Although the available data do not allow the precise definition of the discoverys resources, the structures dimensions allow volumes of some 2 TCF (56 billion cubic meters) to be expected.
Repsol and Petrobras are currently in the process of acquiring Burlingtons participation, which is pending formal approval by the Peruvian authorities.
The new field that was discovered is near blocks 58 and 110, where Petrobras has exploratory activities in which it has 100% shares.
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: January 14, 2008
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