Petrobras Confirmed the Presence of Oil in Block BM-S-9

Source: www.gulfoilandgas.com 8/7/2013, Location: South America

Petrobras has confirmed the presence of oil in well 3-SPS-101 (3-BRSA-1179-SPS), in the Carioca Discovery Evaluation Plan area, block BM-S-9, Santos Basin pre-salt. The well, informally known as Iguacu Mirim, is located 303 km off the coast of the state of Sao Paulo, 34 km south of the discovery well (1-SPS-50 - Carioca) and 9 km south of the Iguacu well (4-BRSA-709-SPS), at a water depth of 2,158m.

This new discovery was confirmed through oil samples of approximately 20 degree API, taken via cable test from pre-salt carbonate reservoirs starting at a depth of 4,850 meters.

The consortium of BM-S-9 is operated by Petrobras (45%) in partnership with BG E&P Brasil (30%) and Repsol Sinopec Brasil (25%). The deadline for the Declaration of Commerciality is December 31, 2013.

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