Oil Presence Identified in Biguá Well

Rio de Janeiro, November 29, 2011 - QGEP Participações S.A. (“QGEP”) (Bovespa: QGEP3) today announced the results obtained in the Biguá well (4-BRSA-946C-SPS) at Block BM-S-8. Biguá is located in the Santos Basin over 270 km off the coast of Brazil, in water depths of approximately 2,180 meters. The results have indicated the presence of high quality oil, of 25 ºAPI, in reservoirs at approximately 5,380 meters depth.

Petrobras is the operator of Block BM-S-8 with a 66% participating interest. The other consortium members are Petrogal Brasil (14%) and Shell Brasil Petroleo Ltda (20%). The stake of Shell has been acquired by the companies Queiroz Galvão Exploração e Produção S.A. (10%) and Barra Energia do Brasil Petróleo e Gás Ltda. (10%), both transfers remaining subject to the approval by the Agência Nacional do Petróleo, Gás Natural e Biocombustíveis (ANP).

Biguá is located approximately 21 km from the Bem-Te-Vi (1-BRSA-532A-SPS) discovery within the area of the Evaluation Plan. New studies to be performed based on the well data will allow a better evaluation of the Biguá discovery. Formation tests are not forecasted for Biguá.

Petrobras expects to initiate drilling at a third prospect in the area, the Carcará well, by the end of 2011. Furthermore the consortium will continue with the activities and necessary investments required to fully evaluate the area in accordance with the Evaluation Plan approved by the ANP. Those activities are expected to be concluded by December 2012.

“The presence of hydrocarbons in the Biguá well reinforces the existence of an active oil system in this pre-salt area and the continuation of exploratory activities confirms the consortium’s confidence of the potential at Block BM-S-8,” said José Augusto Fernandes, QGEP‘s Chief Executive Officer.

Updated in  2013-12-11T14:47:52
All the dates of this page are presented in official timezone of Brasilia - Brazil.


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