This excerpt taken from the PBR 6-K filed Nov 19, 2009.
Test in the Tupi area proves high productivity
Rio de Janeiro, November 18 2009 PETRÓLEO BRASILEIRO S/A - PETROBRAS, announces that the two formation tests for well 4-RJS-647 (4-BRSA-711-RJS), located in the Tupi Assessment Area, in ultra-deep Santos Basin waters and informally known as Iracema, have been completed and proved the high productivity of the pre-salt carbonate reservoirs.
In each of the two tests that were carried out, the flow that was measured was 5,500 barrels per day of light oil (approximately 32o API), limited to the capacity of the equipment used in the testing phase. The well's initial production is being estimated at up to 50,000 barrels of oil per day, proving the Tupi area's high light oil production capacity.
The well that was tested, the drilling of which was completed in September 2009, is located in an assessment area in block BM-S-11, at a depth of 2,210 meters from the waterline, nearly 250 km off the coast of the State of Rio de Janeiro (figure below) and 33 km Northeast of well 1-RJS-628A (1-BRSA-369A), known as Tupi.
The Consortium, formed by Petrobras (65% - Operator), BG Group (25%), and Galp (10%), will continue with the activities and investments that are required to assess the fields in Tupi, with the drilling of new wells until the Declaration of Commerciality, expected for December 2010.
This document may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (Securities Act), and Section 21E of the Securities Exchange Act of 1934, as amended (Exchange Act) 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 forward-looking statements. 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: November 18, 2009
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