This excerpt taken from the PBR 6-K filed Jun 11, 2007.
(Rio de Janeiro, June 8, 2007). PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, informs that the well 4-ESS-175-ES (ANP reference: 4-BRSA-449-ESS), drilled in Pirambu Field, has found deeper reservoirs saturated with light oil (nearly 29° API) positioned on the pre-salt section, with a total thickness of 60 meters, which presented a production of approximately 1,250 barrels/day in the drill stem test performed in cased vertical hole, in a water depth of 1,270 meters and final of 4,751 meters). This result confirms the potentiality of this producer interval.
This well is located in the old block BC-60, on the shore of the state of Espírito Santo, at nearly 125 km south of the city of Vitória, and integrates the PIRAMBU field, which had already discovered oil in Tertiary reservoirs and is located at the north portion of the Campos Basin. The discovery was detected during the works developed on the Discovery Evaluation Plan of the well 1-ESS-121-ESS in area operated by Petrobras, which owns 100% of the concession. This fields Declaration of Commerciality was sent to the National Petroleum Agency (ANP) in December 2006.
Additional studies will need to be developed, aiming a better assessment of the available reservoirs in this new field.
This document may contain forecasts 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 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: June 11, 2007
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.