On October 13 2008, the consortium formed by Petrobras (70% - Operator) and Queiroz Galvão (30%) notified the National Petroleum Agency (ANP) regarding "signs of hydrocarbons" in block BM-S-12, to the south of the Santos Basin, as required by the legislation. Due to operating issues, the rig did not finish drilling the well (1BRSA617SCS) and, because of this, it will return to the block in the future to complete the operation.
Although the notification of signs of hydrocarbons is a positive fact, it doesn’t indicate that the discovery is commercial, which can only be evaluated after the well is concluded and operations continue in BM-S-12. For this reason, it was not disclosed to the Securities Exchange Commission (CVM), to the capital market regulators, and to the other stakeholders.
After the well’s drilling procedures have been completed, and if subsequent assessments indicate technical-economic relevance, Petrobras will proceed to announce this fact in a timely manner both to ANP and the market.
This press release ratifies the announcement made on October 01 2008, regarding the fulfillment of the mandatory procedures involved in notifying the ANP about the signs of hydrocarbons and information disclosure procedures.
