Brazil’s state-run oil company Petrobras announced the discovery of good quality oil in the Transfer of Rights area referred to as Entorno de Iara, in the Santos Basin pre-salt region.

Well 1-BRSA-1146-RJS (1-RJS-711), known as Entorno de Iara 1, is located at a water depth of 2,266 meters, 235 km off the coast of Rio de Janeiro state.

The discovery was confirmed through wire test samples of good quality oil (26o API) collected from carbonate reservoirs of excellent quality located just below the salt layer, at a depth of 5,045 meters.

The well was completed at a depth of 5,580 meters, after achieving the objectives outlined in the Transfer of Rights Agreement.

A formation test and the drilling of another well are scheduled in this area in order to evaluate the productivity of the reservoirs that contain oil, as outlined in the Mandatory Exploratory Program of the Transfer of Rights Agreement.

Press Release, May 08, 2013