This excerpt taken from the PBR 6-K filed Aug 8, 2008.
New oil accumulation discovered in the Pre-Salt layer in the Santos Basin
Rio de Janeiro, August 7, 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 (65% - Operator), the BG Group (25%), and Galp Energia (10%), to explore block BM-S-11, in ultradeep Santos Basin waters, proved the existence of yet another light oil field, with specific gravity around 30o API, in the pre-salt reservoirs.
Block BM-S-11 is composed of two exploratory areas. The first well, the 1-BRSA-369A-RJS (1-RJS-628A), was drilled in the larger one, informally called Tupi. That discovery was announced on July 11 2006, and its Assessment Plan was approved by the NPA and is currently in execution (grey area in the map).
The new discovery well, called 1-BRSA-618-RJS (1-RJS-656) and informally know as Iara, is located in the smaller area of the original block (green area in the map), approximately 230 km off the coast of the city of Rio de Janeiro, and 2,230 meters from the water line. The well is still being drilled in search of deeper prospects.
The discovery was proved by a light oil sampling collected via a cable test carried out in reservoirs at a depth of 5,600 m. It was communicated to the National Petroleum Association (NPA) today.
After well completion, the Consortium will proceed with the activities and make the investments that are required to verify both field dimensions and oil reservoir characteristics by forwarding an Assessment Plan to the NPA, 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: August 07, 2008
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