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Brazil's Petrobras Completes Rights-Area Well, Makes Ceara Find

RIO DE JANEIRO--Brazilian state-run energy giant Petroleo Brasileiro SA (PBR, PETR4.BR), or Petrobras, said Friday it had completed drilling a third offshore well in one of the areas transferred to the company from the government in 2010. Petrobras said a 93-meter column of oil was discovered in the well drilled in the Sul de Guara area, south of the Sapinhoa pre-salt oil field that was declared commercial late last year. The company made a preliminary disclosure about the oil discovery in June. The reservoir tapped by the well contained high-quality light oil rated 27 degrees on the American Petroleum Institute's grading scale. The transfer-rights area is an important part of Petrobras's development of the Santos Basin pre-salt region, a cluster of oil discoveries made under a thick layer of salt more than four miles below the ocean's surface. As part of the company's 2010 share offer and capitalization, the government gave Petrobras the right to produce up to five billion barrels of crude oil from highly prospective areas close to the original pre-salt finds. The Sul de Guara well was part of the obligatory-exploration program, which should be concluded by September 2014, Petrobras said. In addition, Petrobras said late Tuesday that it discovered oil in a deep-water offshore well drilled in the Ceara Basin off Brazil's northeast coast. The Pecem well was drilled in the BM-CE-2 block, which Petrobras operates with a 60% stake. The local unit of U.K. oil major BP PLC (BP, BP.LN), BP Energy do Brasil Ltda., holds the remaining 40%. Drilling at the well will continue to a targeted depth of 5,500 meters, Petrobras said. Write to Jeff Fick at jeff.fick@dowjones.com. Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Petroleo Brasileiro (PBR)
DateTimeHeadline
12/19/201416:17:52Brazilian Shares Rise, Led by Rossi Residencial; Real Weakens...
12/15/201417:54:12ADR Shares End Lower; BT Group Shares Trade Actively
12/11/201414:02:34Brazil to Back New Petrobras Debt
12/10/201418:22:51ADR Shares End Lower; Shares of Oil Firms Fall
12/09/201418:13:08ADR Shares End Lower; America Movil Shares Trade Actively
12/07/201418:15:30Refinery Symbolizes Woes of Brazilian Oil Firm Petrobras
12/01/201418:38:15ADR Shares End Lower; Brazilian Shares Fall
11/26/201418:35:44Petrobras Woes Scaring Away Investors
11/24/201420:17:05SEC Issued Subpoena to Petrobras to Request Documents
11/19/201420:31:33Petrobras Case Sets Back Brazil's Leader
11/10/201416:04:08Brazil Stocks Close Lower, Real Recovers Some Losses From Past...
11/09/201417:11:14U.S. Opens Investigation of Brazil's Petrobras -- FT
11/06/201421:10:26Petrobras Raises Fuel Prices
11/03/201415:13:10A Top Pick in Brazil Oil and Gas -- Barron's
10/27/201416:37:41MARKET SNAPSHOT: Energy Stocks Sap S&P 500
10/27/201414:06:16MARKET SNAPSHOT: U.S. Stocks Retreat; Energy Stocks Sell Off
10/27/201411:51:27MARKET SNAPSHOT: U.S. Stock Retreat; Energy Stocks Sell Off
10/27/201411:47:43MARKET SNAPSHOT: U.S. Stock: Futures Fall; Focus On Fed
10/27/201411:40:15MARKET SNAPSHOT: Stock Futures Flatten After Weak German Data;...
10/26/201413:41:17Neves Shows 'Cautious' Confidence at Ballot Box

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