Indications of oil in Brazil

25.11.2008

The operator Petrobras has today confirmed to the National Petroleum Agency in Brazil (ANP) indications of oil in the Lua Nova well in the Jequitinhonha Basin, where StatoilHydro has a 40 per cent share.

The well has confirmed oil-bearing reservoirs in Upper Cretaceous sandstones, but further drilling and analysis will be carried out to determine if the discovery has a positive economic potential.

The notification to ANP is a part of a standard procedure when hydrocarbons have been encountered.

This is the first well drilled in deepwater of the Jequitinhonha Basin, at a water depth of approximately 2300 meters.

The well (well 1-BAS-147) was spudded on October 9th and the drilling is expected to be finished in the beginning of 2009.

The block BM-J-3 was awarded in 2002 as a result of the 4th Brazilian bid Round. The well will be drilled to greater depths in accordance with the approved drilling programme.

StatoilHydro ASA