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PBR » Topics » Petrobras confirms light oil find in the Santos Basin

This excerpt taken from the PBR 6-K filed Oct 4, 2006.

Petrobras confirms light oil find in the Santos Basin

(Rio de Janeiro, October 4, 2006). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces the existence of a significant volume of 30º API light oil has been confirmed in a new exploratory frontier of the Santos Basin. Tests carried out through a vertical well indicated a daily flow of 4,900 barrels of oil and 150,000 cubic meters of natural gas (5/8 inch choke with stabilized pressure).

Conformation is the result of the conclusion of test drilling by the 1-RJS-628A vertical well responsible for discovering a highly productive reservoir beneath a 2,000 meter thick salt base (“pre-salt”).

The development of 1-RJS-628 A well in the BM-S-11 block has already been the subject of an announcement to the market on July 11 2006. This block is operated by Petrobras (65%) in consortium with BG (25%) and Petrogal (10%). The confirmed find has been notified to the Brazilian National Agency of Petroleum, Natural Gas and Biofuels in accordance with the current legislation.

Further investments will be required, initially for drilling the first extension well for a full evaluation of the oil volume in the discovered reserve.

 

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