Dear Mr/Mrs Ramin Farzanehfar,

Discovery of good quality oil in south Santos Basin

 

Rio de Janeiro, November 23, 2011 – Petróleo Brasileiro S.A.

– Petrobras announces that it has confirmed the presence of good quality oil in well 4-SPS-91 (4-BRSA-1002-SPS), in south Santos Basin, at an area known as Tiro and Sidon.

 

The new well, informally known as Patola, is located at a water depth of 299 meters, some 200 km off the coast of São Paulo State and 3.8 km from discovery well 1-SPS-57 (1-BRSA-658-SPS), in the area of the Evaluation Plan of the discoveries of wells 1-SPS-56 and 1-SPS-57 (1-BRSA-607 / 1-BRSA-658), former block BM-S-40.

 

Preliminary analyses indicate that this oil is of the same quality as the oil found in wild cat wells, around 36o API.

This discovery confirms the potential of good quality oil in shallow waters of south Santos Basin.

 

The discovery was confirmed by oil sampling obtained through cable tests, in sandstone of the post-salt.

This reservoir is approximately 2,160 meters deep.

 

Petrobras will proceed with the activities and investments provided in the Evaluation Plan, including the drilling of other wells in the area and will proceed with the Extended Well Test (EWT), which is currently in progress in wells 1-SPS-56 and 1-SPS-57.

 

 

 

 

 

 

Sincerely,

Investor Relations.

 

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