OREANDA-NEWS. July 6, 2011. We would like to announce another two oil and gas finds in the Espirito Santo basin, in the BM-ES-23 concession area, block ES-M-525, totaling three discoveries in this concession. At 115 km off the Espirito Santo coast, and at depth of approximately 1,900 meters of water, these two new finds took place during drilling of wells informally known as “Pe de moleque” and “Quindim”.

The other recently announced find in this concession took place during drilling of well “Brigadeiro”. We are the consortium operator for exploration of block BM-ES-23 (65%), together with Shell Brasil Petroleo Ltda. (20%) and Inpex Petroleo Santos Ltda. (15%). The consortium will continue with operations relating to the Minimum Exploratory Program in the concession area.