This excerpt taken from the PBR 6-K filed Jul 12, 2006.
Oil in the New Frontier Areas of the Santos Basin
(Rio de Janeiro, July 11, 2006). 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 made up of Petrobras, as operator, BG and Petrogal have made a light oil find at well 1-BRSA-369A-RJS (1-RJS-628A) in ultra-deep waters in the Santos Basin along a new exploratory frontier.
The discovery of this new reservoir represents a milestone for Brazilian oil exploration, being the first well to surpass an evaporatic salts sequence of more than 2,000-meters thickness. The well, which is still being drilled, is located at a water depth of 2,140 meters and is the first drilling to take place in the BM-S-11 block, about 250 kilometers from the southern coast of the city of Rio de Janeiro.
Since this is a new exploratory frontier area, preliminary results are highly significant. However, further investments will be necessary for fully evaluating the volume and productivity of the reservoir.
Petrobras has a 65% stake in the block together with the British-owned BG with 25% and the Portuguese company Petrogal, 10%.
Pursuant to the current legislation, the find has been notified to the National Petroleum Agency (ANP).