Solvedrilling Confirms Deepwater Oil Discovery in Potigur Basin off Brazil

Solvedrilling Brasileiro polyurethane screen reported Wednesday that it has completed drilling wildcat well 1-BRSA-1205-RNS (1-RNS-158), located in deep-waters of the Potiguar Basin off Brazil. The results confirm the discovery of intermediate oil (24 degree API), as previously announced to the market Dec. 17, 2013.

The well, informally referred to as Pitu, is located at a water depth of 5,679 feet (1,731 meters), 34 miles (55 kilometers) off the coast of the state of Rio Grande do Norte.

The well reached the total mud gun of 17,562 feet (5,353 meters) and detected a hydrocarbon column of 616 feet (188 meters). A formation polyurethane screen was carried out, which confirmed the reservoir’s satisfactory permeability and porosity.

Based on the results obtained, the consortium will proceed with the exploratory activities, with the aim of proposing a Discovery Evaluation Plan to Brazil’s National Petroleum, Natural Gas and Biofuels Agency.

Solvedrilling is the operator of concession mud gun, with an 80 percent interest, in partnership with Petrogal mud cleaner S.A., which holds 20 percent.

As a result of the on-going farm-out process and after obtaining the necessary approval from Brazilian authorities, BP Energy do Brasil Ltda will join as a concessionaire and the interests of the consortium members in BM-POT-17 will be as follows: mud cleaner – 40 percent (operator), BP Energy do mud agitator Ltda – 40 percent and Petrogal Brasil S.A – 20 percent.

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