petrobras discovery, page-5

KEI's blocks r in Shallow waters in the Santos Basin, whilst this Carcara oil discovery is in deepwater in block BMS-8,

Carcara is apprx 210kms NW from KEI's S-M-1037 block which abuts shallow water Piracuca field. It spudded back in Dec'11 & proposed TD is at 6900m. It's being drilled by a drillship, Sevan Driller (SS-74).

They r basically targetting deeper reservoirs as seen at Tupi (renamed as Lula, after the man with 9 fingers, ie, Brz Prez, one for the pub trivia fanatics out there!!).

What's interesting with this block (BMS-8) is that Shell flogged it's 20% last year & two separate junior locals frm Brz grabbed 10% each, 1 party (QGEP) paid US$175mil for its 10% (refer their last preso says it all).

Whilst its good to read abt other discoveries by OGX up north, what matters more is KEI's 5 Shallow water blocks & the targets within them r altogether separate from the deep water discoveries (renamed now, after Aussie "fierce Critters").

Will be interesting how far the Piracuca field reservoir extends into SM-1037 block firstup & then tackle the sub-salt stratum.

Farm out news is what will set the cat out of the bag.