New discovery of good quality oil in Transfer of Rights area

New discovery of good quality oil in Transfer of Rights area

Petróleo Brasileiro S.A. – Petrobras announces that the sixth well drilled following the execution of the Transfer of Rights Agreement has discovered oil in the area known as Florim, in the pre-salt of Santos Basin.
Informally known as Florim, well 1-BRSA-1116-RJS (1-RJS-704) is located at a water depth of 2,009 meters, 206 km off the coast of the state of Rio de Janeiro and the presence of good quality oil (29º API) has been confirmed in carbonate reservoirs of excellent quality just below the salt layer.
The well continues to be drilled and so far has reached a depth of 5,498 meters. Drilling will proceed until reaching the level provided in the Transfer of Rights Agreement of approximately 6,100 meters.
After drilling is complete, a formation test will be carried out to assess the productivity of the reservoirs, according to the activities and investments outlined in the Mandatory Exploratory Program of the Transfer of Rights Agreement.
According to the agreement, the exploratory phase should be concluded by September 2014, at which time commerciality of the area may be declared.
Source: Petrobras
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