Petrobras – Investor Relations

Petrobras

Investor Relations

Petrobras announces a new discovery of light oil in the Santos Basin

(Rio de Janeiro, March 11, 2005). – PETRÓLEO BRASILEIRO S/A - PETROBRAS, [Bovespa: PETR3/PETR4, NYSE: PBR/PBRA, Latibex: XPBR/XPBRA], a Brazilian international energy company, announces that on Thursday of this week it concluded work on test well 3-RJS-621 where it discovered light oil with a 33 degree API. This new discovery is located in the state of Rio de Janeiro, about 160 Km from the city of Rio de Janeiro. Drilling took place in a water depth of 1,332 meters.

The 3-RJS-621 well is located in the Santos Basin in an appraisal area of the former BS-500 block where a large gas find had already been made. In addition to discovering a further oil source, this well has corroborated the gas finds already made as a result of the drilling of well 1-RJS-587.

The new well identified an approximately 40-meter thick sandstone reservoir containing light oil. Appraisal tests made in these reservoirs confirmed good quality oil and a high production potential.

Petrobras is still appraising the volumes, although this find is of particular significance given that it is light oil that has been discovered in a region where reserves of gas and condensate had already been detected. Map: Santos Basin, Merluza Gas Pipeline, Legenda: Appraisal Areas, HC fields, Pipeline Routes.

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