Drilling of 1-SPS-80 well in the Santos Basin concluded

Pursuant to article 2 of CVM Instruction 358/2002, QGEP Participações S.A. (BM&FBovespa: QGEP3) hereby announces that it has concluded drilling the 1-SPS-80 well (1-BRSA-911-RJS), located in Concession BM-S-76 in the shallow waters of the Santos Basin at a water depth of 189m, approximately 215km from the coast. QGEP retains a 20% interest in this exploratory block in association with GALP and PETROBRAS (the operator).

Drilling of the 1‐SPS‐80 well, called Enseada, began on January 21, 2011 with the goal of testing post-salt sandstone reservoirs (Santos#5, Santos#8 and Santos#9). The reservoirs were confirmed, together with the presence of hydrocarbons shows. However, no potentially productive zones were identified. The Enseada reached a final depth of 4,405 meters, as envisaged in the original plan. Results of this nature are inherent to the oil and gas exploration business.

As a result of this drilling operation, the consortium took the decision to return the adjacent BM-S-75 and BM-S-77 blocks to the ANP. The prospects identified in these blocks which aimed to test the post-salt layer (Santos#6 and Santos#7), do not justify further investments in the drilling of exploratory wells and such resources could be better deployed among the many other opportunities of the Company.

Due to the quality and geological and geographical diversity of QGEP’s portfolio, this result does not affect our previous forecasts regarding the volumes and risks of the Company’s other exploratory projects.


Updated in  2013-12-10T17:23:51
All the dates of this page are presented in official timezone of Brasilia - Brazil.

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