Petrobras has completed the formation test on well 1-SPS-98 (1-BRSA-1063-SPS), informally known as Sagitário, located in ultra-deep waters of the Santos Basin pre-salt.

The results obtained confirmed the discovery announced to the market on 25 February 2013, when the well was still in the drilling phase. The test has revealed carbonate reservoirs with good permeability.

This is the first well to be drilled on block BM-S-50 and it is located 194 km (121 miles) off the São Paulo coast, at a water depth of 1,871 meters (6,139 feet).

The well has reached a total depth of 7,110 meters (23,327 feet). Starting at a depth of 6,144 meters (20,157 feet), Petrobras detected 159 meters (522 feet) of pre-salt reservoirs bearing good quality oil (32?API).

The consortium operated by Petrobras (60%) in partnership with BG E&P Brasil (20%) and Repsol Sinopec Brasil (20%) will proceed with the activities provided for in the Discovery Evaluation Plan (PAD) approved by Brazil’s National Petroleum, Natural Gas and Biofuels Agency (ANP).