Petrobras Granted Authorization for New Drilling in Pre-salt Region

Petróleo Brasileiro S/A (Petrobras) announces that it was granted authorization by the National Petroleum Agency (ANP), yesterday, to drill a well in the northern area of the Santos Basin pre-salt, contiguous to the Iara discovery, outside of the boundaries of the blocks for which they have already bid. The region is eligible to compose the areas that will be the object of the Transfer of Rights with Compensation, once the Bill No. 5941/09 has been approved.

The purpose of the operation is to gather information about the region, which has yet to be assessed. Drilling is expected to reach a depth of 6,425 meters. The collected data will be delivered to the ANP at the end of the drilling.

The SS-53 drilling rig will be directed to the region and the kick-off of the activities is expected to the middle of December. The Company will be in charge of the operation and will incur the costs of the drilling, since the intention is to get statigraphic information to create a better geologic knowledge of the area and the basis to the future development of the area.

Published 02/12/09

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