9th Dec 2009 07:00
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News Release |
09 December 2009
Iara drilling update, Santos Basin, Brazil
BG Group (25%) and partners Petrobras (65% and operator) and Galp (10%) have announced the conclusion of the formation test on the Iara well (1-BRSA-618-RJS or 1-RJS-656) in the BM-S-11 appraisal area in the Santos Basin pre-salt, offshore Brazil.
The tests proved the exploration potential of the area by producing light 28° API oil and confirmed the estimated recoverable volumes for Iara to be in the order of 3 to 4 billion barrels of light oil and natural gas, as announced in September 2008:
http://www.bg-group.com/MediaCentre/PressArchive/2008/Pages/11Sept08.aspx
The well tested is located in water depth of 2230 metres and approximately 230 kilometres from the coast of Rio de Janeiro State. Due to the need to relocate the rig, the test on the well was not fully completed and another well is planned to be drilled in this area in 2010.
The consortia formed by Petrobras, BG Group and Galp will continue with the exploration activities and investment required for the appraisal of the Iara field in accordance with the Evaluation Plan approved by the Brazilian National Petroleum Agency (ANP).
-ends-
Notes to Editors:
BG Group has interests in five concessions in the deep water Santos Basin: BM-S-9, 10, 11 and 50, which are operated by Petrobras; and BM-S-52, which is operated by BG Group.
BG Group also holds an operated interest in the BM-S-47 concession in the shallow water Santos Basin and holds one onshore concession (BT-SF-2) in the Sao Francisco Basin in Minas Gerais State.
BG Group plc (LSE: BG.L) is a world leader in natural gas, with a strategy focused on connecting competitively-priced resources to specific, high-value markets. Active in 27 countries on five continents, BG Group has a broad portfolio of exploration and production, Liquefied Natural Gas (LNG), transmission and distribution and power generation business interests. It combines a deep understanding of gas markets with a proven track record in finding and commercialising reserves. For further information visit www.bg-group.com
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Contact:
Edel McCaffrey: +44 (0) 118 929 3508 [email protected]
Jo Thethi: +44 (0) 118 929 3110 [email protected]
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There are matters discussed in this media information 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 the forward looking statements, refer to BG Group's annual report and accounts for the year ended 31 December 2008. 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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