Petrobras confirms oil, natural gas discovery in ultra-deep water of Sergipe-Alagoas basin off coast of Sergipe, Brazil

RIO DE JANEIRO , September 21, 2011 (press release) – Petrobras has confirmed the presence of oil and gas accumulations in the ultra deep waters of the Sergipe-Alagoas basin, after completing a lined well formation test in the BM-SEAL-11 concession in Block SEAL-M-426. This is the first exploratory project in ultradeep waters on the Sergipe state area of the Basin.

The 1-BRSA-851-SES (1-SES-158) well, known as "Barra", is located at a water depth of 2,341 meters, 58 km off the Sergipe coastline and 90 km from the city of Aracaju. Information obtained to date is sufficient to confirm the discovery of a new oil province in the Sergipe-Alagoas basin.

The discovery was confirmed by wireline logging and fluid sampling during the lined well formation test. Permeability and porosity conditions were found to be excellent in the reservoirs located at depths of around 5050 and 5400 meters. The oil sample was of excellent quality, with API around 43o in the upper interval and 32o in the lower interval.

Exploration of the SEAL-M-426 block by the Petrobras (60%) and IBV-Brasil (40%) consortium will continue within the framework of the Minimum Exploratory Program agreed with the Brazilian Petroleum Agency (ANP).

The Discovery Evaluation Plan submitted by the consortium and delimiting the discovered accumulation has also be approved by the ANP.

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