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Indications of oil in Brazil

November 25, 2008, 16:17 CET
The well has confirmed oil-bearing reservoirs in Upper Cretaceous sandstones, but further drilling and analysis will be carried out to determine if the discovery has a positive economic potential.

The notification to ANP is a part of a standard procedure when hydrocarbons have been encountered.

This is the first well drilled in deepwater of the Jequitinhonha Basin, at a water depth of approximately 2300 meters.

The well (well 1-BAS-147) was spudded on October 9th and the drilling is expected to be finished in the beginning of 2009.

The block BM-J-3 was awarded in 2002 as a result of the 4th Brazilian bid Round. The well will be drilled to greater depths in accordance with the approved drilling programme.