Partial results of appraisal well already confirm extension of Carcará Discovery

28/05/2015

Barra Energia do Brasil Petróleo e Gás Ltda (BE) announces that the well 3-SPS-105 (3-BRSA-1290-SPS), known as Carcará North, currently being drilled to assess the continuity of the high-quality and thick pre-salt reservoirs encountered in the Carcará discovery well (4 SPS 86B), established the presence of at least 358m of continuous and connected oil bearing reservoirs with good quality light oil (31º API) from 5,820m.

Up to the current depth of 6,178m the porosity, permeability and pressure characteristics found in this well are very similar to those measured in the Carcará discovery well showing that they are in the same accumulation.

The well is located 229 km from the coast of São Paulo State and 4.6 km to the north of the discovery well, in the offshore Santos Basin BM-S-8 Block and water depth of 2,072m (see map below). The current bottom of the well is still within the oil bearing pre-salt reservoir section, and no indications of the oil/water contact have been encountered so far. Once drilling operations are resumed, it is expected that the well will reach a total depth of 6,430m.

After drilling the current well, the rig will re-enter the appraisal well 3-SPS-104DA, informally known as Carcará NW, located at approximately 6 km to the northwest of the Carcará discovery well. Carcará NW had already been drilled to the base of the salt when it was temporarily suspended, as planned, to be concluded later using a rig equipped with MPD (Managed Pressure Drilling) to penetrate the pre-salt reservoirs.

Upon conclusion of the two appraisal wells, above mentioned, it will be possible to further delineate the areal extension of the Carcará discovery within Block BM-S-8. Furthermore, a drill stem test (DST) is being planned for the second semester of 2015 in the well Carcará N which will provide information about the productivity of the Carcará reservoirs.

The Chairman of BE, João Carlos de Luca, said that "the significant results already obtained in this well confirm the best expectations that we have for this Carcará discovery. It is one of the most significant of the pre-salt province so far, and consolidates BE’s E&P portfolio in one of the most attractive oil provinces of the world".

According to Renato Bertani, CEO of BE, "the Carcará N information obtained so far corroborates our geologic model for this discovery, potentially among the largest in the pre-salt, and, just as significant, demonstrates the high prospectivity of block BM-S-8, where another geologically similar prospect called Guanxuma has been mapped and is expected to be drilled in 2016."

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%).

For further information, please contact Barra Energia Institutional Relations:

Danilo de Luca
Phone: 55 21 3037 2772 / 55 21 3206 5081
E-mail: danilo.deluca@barraenergia.com.br

About Barra Energia

Barra Energia do Brasil Petróleo e Gás Limitada is a Brazilian company focused on petroleum exploration and production in the Brazilian sedimentary basins. The company is led by Brazilian professionals highly experienced in the oil industry, both in Brazil and abroad, with main financial support from the private equity firms First Reserve and Riverstone. The main focus area of Barra Energia is offshore, including the Santos and Campos basins and the emerging pre-salt play.