Petrobras has completed drilling and conducted a formation test in the well that discovered oil in the Rights Transfer area referred to as Florim, in the Santos Basin pre-salt cluster.Well 1-BRSA-1116-RJS (1-RJS-704), informally known as Florim, is located at a water depth of 2,009 meters, 206 km off the coast of the Rio de Janeiro state. The well confirmed the discovery of good quality oil (29º API) in carbonate reservoirs located just below the salt layer starting at a depth of 5,342 meters.

The well was completed at a depth of 6,004 meters after achieving the objectives outlined in the Rights' Transfer Agreement.After drilling was completed, a formation test was conducted that confirmed the excellent productivity of the reservoirs without the presence of CO2 and H2S.Petrobras will proceed with activities in the area by drilling another appraisal well this year.

The Rights' Transfer agreement sets a volume of 467 million barrels of oil for the Florim area and, according to the contract, the exploratory phase ends in September 2014.