Petrobras Completes Drilling of Fourth Well in Santos Basin, Brazil

Petrobras announces it has completed drilling the fourth well at the transfer of rights area in the pre-salt of Santos Basin. This discovery was previously announced on August 21st, 2012, when the well was still being drilled and had reached depths of 5,656 meters.

The well, which is called 3-BRSA-1053-RJS (3-RJS-699), and is unofficially referred to as Franco SW, is located at water depths of 2,024 meters, 210 km from the city of Rio de Janeiro and 17 km south of discovery well 2-ANP-1-RJS (known as Franco). The total depth of 5,973 meters was reached in a stratigraphic horizon established in the transfer of rights exploratory program.

Analyses of the oil recovered from carbonate reservoirs below the salt layer confirmed good quality oil (from 28 to 30º API). Samples were collected from reservoirs of similar thickness to those registered in the discovery well, which confirms the extension of the oil reservoirs towards the south of Franco area. The verified hydrocarbon column is 438 meters high.

This well is part of the Mandatory Exploratory Program at Franco area, where Petrobras acquired the right to produce up to 3 billion barrels of oil. The exploratory phase is underway and is expected to be completed by September, 2014.

[mappress]

Press Release, September 20, 2012