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This excerpt taken from the PBR 6-K filed Sep 20, 2007. Petrobras achieves four blocks put on auction in Colombia (Rio de Janeiro, September 19, 2007). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that it has achieved winner proposals in four of the thirteen blocks put on the Ronda Caribe 2007 auction, promoted this Tuesday (09/18) by the Agencia Nacional de Hidrocarburos (ANH) of Colombia. The Company will be the operator of the RC-06 and RC-07 blocks with participation of 40% in each. The other participants in the consortium are Ecopetrol (30%) and Hess Corporation (30%). In addition, Petrobras will act as a non-operator partner in the blocks RC-04 (with participation of 30%) and RC-08 (20%). The RC-04 block will be operated by British Petroleum (35%) and Ecopetrol will also participate with 35%, whereas RC-08 will be operated by ONGC (40%), also with the participation of Ecopetrol (40%). There was no initial financial disbursement in the auction, since the proposals were appraised according to the additional percentage of production participation offered to the ANH in the occurrence of commercial findings. The winner companies committed to a minimum exploratory program, which corresponds to investments of approximately US$ 5 million in each block for three years. Located in the Colombian Caribbean sea – next to the Tayrona block, which is already operated by Petrobras –, the four blocks totalize an area of approximately 12 thousand square kilometers in shallow and deep waters (with water depth up to two thousand meters). Petrobras’ outstanding participation in the auction demonstrates its interest and trust in Colombia, country where it increases its exploratory portfolio aiming at rising its reserves and production. www.petrobras.com.br/ri/english 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.
www.petrobras.com.br/ri/english 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.
SIGNATURE
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: September 19, 2007
FORWARD-LOOKING STATEMENTS
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. | ||||||||
