BG Group today announced the successful completion of drilling on the Iara Horst well (3-BRSA-891A-RJS) in the BM-S-11 concession in the Santos Basin, offshore Brazil. The well encountered good quality oil (28 degrees API) in a thick reservoir section.
The well was drilled at a water depth of 2 279 metres, approximately 230 kilometres off the coast of Rio de Janeiro. Initial results from Iara Horst have demonstrated superior reservoir characteristics compared with the original discovery well* which is located around eight kilometres away.
The discovery is currently held under the Iara Evaluation Plan in block BM-S-11. The Lula and Cernambi fields, for which Declaration of Commerciality was recently announced**, are located in another part of the same BM-S-11 concession.
Further evaluation activity will now continue on Iara in line with the National Petroleum Agency (ANP) approved appraisal plan which will include a Drill Stem Test in 2011.
BG Group has a 25% interest in BM-S-11 concession, offshore Brazil (Petrobras, operator 65%, Petrogal 10%).
Notes to Editors:
* Press release: 11 September 2008 BG Group announces completion of drilling on Iara well in Santos Basin, offshore Brazil
** Press release: 29 December 2010 Declaration of Commerciality for Tupi and Iracema areas, offshore Brazil
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There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from these forward-looking statements, refer to BG Group's Annual Report and Accounts for the year ended 31 December 2009. BG Group does not undertake any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required.
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