This excerpt taken from the PBR 6-K filed Nov 17, 2009.
Light oil discovery in the Campos Basin
Rio de Janeiro, November 16, 2009 Petróleo Brasileiro S.A. - Petrobras, announces it has completed the drilling of exploratory extension well 3-MA-32A, located in shallow waters in a new producing area that extends to the north of the Marimbá field in the Campos Basin (post-salt).
It was detected the presence of light oil (29º API) in 30-meter thick reservoirs of good porosity and permeability. The recoverable oil volume has been estimated at 25 million barrels. This new discovery will increase Marimbá fields recoverable volume by 27%.
This success was the outcome of the revision of the area's geological model and of the application of new seismic data interpretation techniques.
Since there is already production infrastructure installed in the area, the new well is expected to be interconnected to platform P-8 and to start producing no later than next August.
This discovery is the result of the strategy of exploring new producing areas that neighbor installed units aiming to take advantage of the capacity of exiting facilities, which reduces production costs for the Company, as well as to speed up the production of new volumes of oil.
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: November 17, 2009
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