This excerpt taken from the PBR 6-K filed May 13, 2009.
New discovery in the Santos Basin
Rio de Janeiro, May 11 2009 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 Repsol (Operator - 40%), Petrobras (35%), Vale (12.5%), and Woodside (12.5%), has confirmed the existence of hydrocarbons in the well known as Panoramix (1-REPF-3D-SPS), located in shallow waters in block BM-S-48, in the Santos Basin, 185 km off the coast of the state of São Paulo. On 01/15/2009, the Consortium had informed the National Petroleum Agency (ANP) regarding the existence of evidence of hydrocarbons in this well.
The gas and condensate discovery was proved after new tests that were carried out in the reservoirs at depths ranging from 4410 and 4480 meters. The analysis of the results indicates a maximum theoretical supply capacity of 572,000 m3/d and 2,370 bpd.
Additionally, the existence of oil was proved, but not yet tested. New analyses will be carried out in the region to assess the volume and extent of the oil and gas discoveries.
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: May 12, 2009
This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.