QGEP reports completion of testing of the Carcará Norte well in Block BM-S-8

QGEP Participações S.A. ("QGEP", "Company", BM&FBovespa: QGEP3) announces excellent results following the completion of testing of the Carcará Norte well. Carcará Norte is an appraisal well located 5km from the Carcará Discovery, in Block BM-S-8 in the Santos Basin.

The evaluation of Carcará Norte included two Drill Stem Tests (DSTs), one at the base and the other at the top of the reservoir section, which has a total thickness of approximately 360 meters. Carcará is a light oil (31º API) accumulation with no contaminants in carbonatic microbial reservoirs in the pre-salt. To date, the oil/water contact has not been identified in any of the wells of the area.

Data obtained from the tests carried out in Carcará Norte confirmed high expected productivity of the reservoirs in this area. Initial production flow rates per well identified are at least equivalent to the highest producing wells in the Santos Basin. According to data disclosed by the ANP, three producing wells in the Sapinhoá Field had production rates from 39,000 to 44,000 barrels of equivalent oil (boe) per day per well as of October 2015.

Testing of Carcará Norte has enabled the definition of the reservoir and oil characteristics, as well as the production capacity, providing the Consortium with the necessary information to plan future operations at Block BM-S-8, including the development of a production infrastructure for this discovery.

Queiroz Galvão Exploração e Produção S.A. holds a 10% participating interest in Block BM-S-8. Petrobras is the operator with a 66% stake, and the other Consortium members are Petrogal Brasil Ltda., with 14%, and Barra Energia do Brasil Petróleo e Gás Ltda., with 10%.

For more information, please contact our Investor Relations team.

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Updated in  2015-12-23T09:41:16
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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