Offshore staff

RIO DE JANEIRO – Petrobras (PBR:NYSE) has completed drilling of the Franco NW well in the Santos basin presalt area. Results confirm the extension of oil reservoirs northwest of the discovery well.

The 3-BRSA-944A-RJS (3-RJS-688A) well was drilled in a water depth of 1,860 m (6,102 ft), 188 km (117 mi) from Rio de Janeiro and 7.7 km (4.8 mi) northwest of discovery well 2-ANP-1-RJS (Franco).

Good quality oil samples (28º API) were obtained via cable tests collected from a depth of 5,460 m (17,913 ft).

The well also confirmed the same oil/water contact as the discovery well, having drilled through good quality carbonate rock reservoirs of similar thicknesses.

Petrobras plans a formation test to assess Franco NW’s productivity and will proceed with the activities and investments included in the Minimum Exploratory Program (PEO) of the Transfer of Rights Agreement. This also includes acquisition of 3D seismic data of the area.

2/9/2012