Petrobras announces that it has completed the drilling of two wells in the Transfer of Rights area, on the Santos Basin. Results have confirmed the discovery of good quality oil in the pre-salt reservoirs referred to as Florim and Entorno de Iara.

Well 3-BRSA-1215-RJS (3-RJS-725), informally referred to as Florim 2, is at a water depth of 1,972 meters, 7 km north of discovery well, Florim (1-BRSA-1116/1-RJS-704), and some 200 km off the coast of Rio de Janeiro State.

29°API oil has also been has confirmed in carbonate reservoirs of excellent quality at the Florim 2 well, below the salt layer at a depth of 5,412 meters, with the well having reached a total depth of 5,679 meters.
The second well 3-BRSA-1172-RJS (3-RJS-722), informally referred to as Entorno de Iara 2, is at a water depth of 2,249 meters and 7 km to the northwest of discovery well Entorno de Iara (1-BRSA-1146 /1-RJS-711), and some 225 km off the coast of Rio de Janeiro State.

Drilling at the Entorno de Iara 2 well has also confirmed the discovery of 26ºAPI oil in carbonate reservoirs of excellent quality below the salt layer at a depth of 5,116 meters, where a significant 526-meter thick oil column was discovered. The drilling of the Entorno de Iara 2 well was completed up to a depth of 5,907 meters after fulfilling the objectives provided in the Transfer of Rights Agreement.

The exploratory phase of these areas is expected to be complete by September 2014. According to the Transfer of Rights Agreement, Petrobras may declare commercial viability of the area by this time.