This excerpt taken from the PBR 6-K filed Jan 22, 2008.
Important Gas and Condensate field discovered in the Pre-Salt layer
(Rio de Janeiro, January 21, 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 (80% - Operator) and Galp Energia (20%) to explore the block BM-S-24, in ultradeep Santos Basin waters, informs that the well 1-BRSA-559-RJS (1-RJS-652) has proved the existence of a large Natural Gas and Condensate field in the Santos Basins pre-salt layer. This pioneer well, called Jupiter, is at a final depth of 5,252 meters, 290 km off the coast of the state of Rio de Janeiro and 37 km east of the Tupi area, at a water depth of 2,187 meters (see the figure below).
The discovery was communicated to the ANP today, and is located in reservoirs at depths of some 5,100 meters. The hydrocarbon-bearing interval is more than 120 meters, and the area of this structure may be similar in dimension to that of the Tupi area.
The Consortium will proceed with the required activities and will make the investments necessary not only to check this new fields dimensions, but also to determine the Natural Gas and Condensate-bearing reservoir characteristics by proposing a Discovery Assessment Plan, which is currently being elaborated and will be forwarded to the ANP 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: January 21, 2008
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