Brazil: Petrobras Finds Hydrocarbon Shows at BM-S-12, Says QGEP

The largest privately owned company in Brazil’s E&P sector in terms of daily production in barrels, QGEP Participações S.A., today provided a drilling update on Block BM-S-12.

Queiroz Galvão Exploração e Produção (QGEP), its wholly owned subsidiary, holds a 30% participating interest in this block, which is operated by Petrobras. Drilling at the Ilha do Macuco well was restarted last week and has reached a depth of approximately 5,200 meters, having crossed the Santos #2 prospect.

There were some hydrocarbon shows and preliminary results from logging while drilling (LWD) and ditch samples were inconclusive. Drilling and final logging of this current phase are expected to be completed within six to eight weeks from now, and results will be announced to the market at that time.

Some riser maintenance work is currently underway and drilling is expected to restart in February towards the Santos #3 prospect. The Ilha do Macuco well has also Santos #4 prospect as one of the main targets, which is located in the pre-salt layer.

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Offshore Energy Today Staff, February 1, 2012