This excerpt taken from the PBR 6-K filed May 22, 2008.
New Oil Accumulation Discovered in the Santos Basin Pre-Salt Layer
(Rio de Janeiro, May 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 (66% - block BM-S-8 operator), with the participation of Shell (20%), and Galp Energia (14%) in ultra-deep Santos Basin waters, has proved the presence of oil in pre-salt reservoirs via well 1-BRSA-532A-SPS (1-SPS-52A). Preliminary analyses indicate oil gravity is between 25 and 28 ºAPI, comparable to that of the other pre-salt oils found in the Santos Basin.
This pioneer well is located some 250 km off the coast of the state of São Paulo, at 2,139 meters water depth (see the Figure below). It was completed on 05/18/08, at a depth of 6,773 meters.
The discovery was proved via an oil sampling by a lined well formation test in reservoirs situated at a depth of nearly 6,000 meters.
The Consortium is preparing a Discovery Assessment Plan to be sent to the ANP, as provided for in the Concession Agreement, giving continuity to the investment activities for block BM-S-8.
This document may contain forecasts that merely reflect the expectations of the Company’s 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 21, 2008
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