New Data Confirms the Importance of the Carcará Discovery

Rio de Janeiro, Brazil, August 13th, 2012, QGEP Participações S.A. (BMF&Bovespa: QGEP3) announced today that new data obtained from drilling at the Carcará prospect further confirms the importance of this discovery in the pre-salt section of the Santos Basin. The Carcará discovery, located in Block BM-S-8, was previously announced by the Company through material facts filed in March and June of this year. Queiroz Galvão Exploração e Produção S.A. holds a 10% participating interest in this block, which is operated by Petrobras (66%). Other consortium members include Petrogal Brasil (14%) and Barra Energia do Brasil Petróleo e Gás Ltda. (10%).

Located in ultra-deep waters, the Carcará well has drilled to date an expressive column of 471 meters of 31º API oil, showing more than 400 meters of microbial carbonate mostly with excellent permeability and porosity characteristics. Data indicates that reservoirs along the entire column are connected.

The well has currently been drilled to a depth of 6,213 meters, still inside the oil zone, and drilling will continue to determine the total thickness of this column, as well as to investigate deeper potential targets.

Located 232 km off the coast of São Paulo state, the Carcará well is in water depths of 2,027 meters. The consortium will continue with activities and investments as outlined in the Evaluation Plan, which has been approved by the National Agency of Petroleum, Natural Gas and Fuel (ANP).

"Results obtained thus far have exceeded our expectations, have a positive impact in the potential of our portfolio and further strengthen the confidence we have in our recent acquisitions located in the Santos Basin,” commented Lincoln Rumenos Guardado, QGEP’s Chief Executive Officer.

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Updated in  2013-12-10T09:55:03
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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