Petrobras – Investor Relations

Petrobras

Investor Relations

Oil discovery in deep Angolan waters

(Rio de Janeiro, October 15, 2008). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA, BCBA: APBR/APBRA], a Brazilian international energy company, announces that an oil discovery has been made in Block 15/06, in deep Angolan waters.

The discovery was made in well N´Goma-1, which is located some 350 kilometers away from Luanda. Sonangol E.P. is the block’s Concessionaire, while Eni Angola is the operator, with 35% stake.

Petrobras, via its Petrobras Internacional Braspetro B.V. subsidiary, holds a 5% stake on the block.

The other partners in the block are Sonangol P&P (15%), SSI Fifteen Limited (20%), Total (15%), Falcon Oil Holding Angola AS (5%), and Statoil Angola Block 15/06 AS (5%).


Well N´Goma-1 was drilled at a depth of 1,421 meters from the water line and at a total depth of 3,383 meters. The well is in a productive hydrocarbon zone, with 127 meters of highly permeable rocks. The oil that was extracted was tested and has an API gravity of 22.5º, above expectations and confirming the major potential of Block 15/06.

After the N´Goma-1 discovery, other wells will be drilled in neighboring structures aiming to evaluate the potential and to seek synergies for the development of the western portion of Block 15/06.

Petrobras kicked-off its operations in Angola in 1979. The company strongly believes on the country’s potential and has investments in the order of $900 million planned for it for the 2008-2012 period, according to its latest Business Plan. Petrobras has its biggest foreign offshore exploratory well campaign going on in Angola, the company’s fourth biggest individual investment abroad.

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