Carcará well confirms the high potential of the Block BM-S-8, in the pre-salt of Santos Basin

03/01/2013

Rio de Janeiro, January 1st, 2013

Barra Energia do Brasil Petróleo e Gás Ltda (BE), announces the conclusion of the 4-SPS-86B well, located in ultra-deep waters of Santos Basin in the block BM-S-8, where BE is a partner in the consortium. This is the third well drilled in the ​​Bem-te-vi´s Evaluation Plan (PAD).

The well, informally known as Carcará, identified a significant pre-salt column of at least 471 meters of light oil of 31° API, free of contaminants such as CO2 and H2S, starting at the depth of 5,742 meters, of which 402 meters consist of carbonate reservoirs with excellent porosity and permeability properties. Several pressure data obtained indicate that these reservoirs are interconnected.

Due to operational reasons it was not possible to reach the originally planned final depth of 7,000 meters and perform the additional evaluation works. The well was temporarily abandoned, thus remaining accessible for further operations in the future.

The numerous data collected from the well, including logs, sidewall cores, fluids and pressures, as well as petrophysical analyses, combined with the knowledge and experience of the operator Petrobras in formation tests and extended well tests (EWTs) in the pre-salt reservoirs, reinforce the expectation of a high production potential for the Carcará discovery. This is expected to be confirmed through a formation test (DST) on the appraisal well to be drilled in 2013.

It is relevant to report that data already released by the operator of the consortium (Petrobras), based on its "Petrobras Business Plan for the period 2012-2016" and its "Strategic Planning for 2020" indicates the production of the first oil of Carcará planned for 2018 through the FPSO P-73 with production wells drilled by the Grumari and Bracuhy rigs during 2016 and 2017.

The Chairman of BE, João Carlos de Luca, said that "the significant result obtained in this well, associated to development activities already underway in the Atlanta Field and ongoing exploration of the pre-salt in Block BS-4, consolidate the construction of a high potential and diversified portfolio in one of the most prospective sedimentary basins in the world".

According to Renato Bertani, CEO of BE, "even without a formation test in the Carcará well, which is now planned for the appraisal well in 2013, the discovery of Carcará can be classified as one of the most significant in the pre-salt. The extensive program of logs, sidewall cores, pressure measurements and light oil samplings besides analogies with other pre-salt discoveries clearly indicate the high potential for reserves and productivity of this accumulation. Even more important is the fact that this discovery demonstrates the high prospectivity of ​​block BM-S-8, where other similar geological structures have been identified."

Barra Energia holds 10% of interest in this block, having as partners Petrobras (operator of the consortium) with 66%, Petrogal Brasil (14%) and Queiroz Galvão Exploração e Produção S.A. (10%).

Given the potential of Carcará, the consortium requested to the Brazilian National Agency for Oil, Natural Gas and Biofuels (ANP) an extension of the Bem-te-vi´s Evaluation Plan (PAD).The consortium is waiting the decision of ANP on the subject.

For further information, please contact Barra Energia Institutional Relations:

Danilo de Luca
Phone: 55 21 3037 2772
E-mail: danilo.deluca@barraenergia.com.br
www.barraenergia.com.br