Petrobras Completes Drilling in Southern Guara

Petrobras has completed drilling its third well in the transfer of rights area. Well 1-BRSA-1045-SPS (1-SPS-96) is located in an area called 'Southern Guara' in the Santos Basin pre-salt cluster. The discovery was announced on June 11, 2012 as the well was being drilled. Discovery well 1-BRSA-1045-SPS (1-SPS-96) is located south of the Sapinhoa field at a depth of 2,202 meters, 320 km off the coast of Sao Paulo state. Final depth reported was 5,760 meters.

Oil sample analysis from carbonate reservoirs underneath the salt layer indicates good quality oil with API gravity of around 27 degree. A 93 meter-column of light crude was identified, with good levels of reservoir permo-porosity (porosity and permeability). The oil/water contact ascertained by the well shows that this accumulation is separate from the Sapinhoa field. This well is part of the Mandatory Exploration Program. Petrobras is currently evaluating the results and should conclude this stage by September 2014.

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