BG Group announces record productivity from well tests on the Iracema appraisal well in the Tupi area, Santos Basin, Brazil

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19 Novmber 2009

BG Group (25%) and partners Petrobras (65% and operator) and GALP (10%) have completed two drill stem tests (DSTs) on the Iracema well (4-RJS-647 or 4-BRSA-711-RJS) in the BM-S-11 appraisal area in the Santos Basin pre-salt, offshore Brazil. 

DSTs were carried out over two zones with aggregate production amounting to 10 500 barrels oil per day of light 32° API oil and 17 million standard cubic feet per day (mmscfd) of gas.  Flow rates were facilities constrained. 

The Iracema appraisal well has confirmed the presence of an excellent quality light oil bearing reservoir, 33 kilometres north-west of the original Tupi discovery well (1-RJS-628A or 1-BRSA-369A).

The well in-flow performance recorded during the tests was the highest so far achieved in BG Group's Santos Basin interests.  Ultimately, development well flow rates of up to 50 000 barrels oil equivalent per day (boepd) are anticipated; these rates being constrained by production facilities rather than reservoir performance.

The excellent characteristics of the pre-salt carbonate reservoirs in BG Group's concessions, confirmed by recent appraisal wells, have a highly significant positive influence on expected well recoveries, well density, development capital expenditure and project economics.

BG Group Chief Executive Frank Chapman said "We are delighted with the results of this latest appraisal well, situated 33 kilometres from the initial Tupi well.  This provides further evidence of the very large areal extent and prolific nature of the pre-salt discoveries we have made.  We will be working closely with our partners to consider the optimum Tupi and Iracema development sequence, following this outstanding result."

Further evaluation of the well data is on-going and work on field development options has been initiated.  BG Group and its partners will continue the activities and investments foreseen in the Evaluation Plan approved by the Brazilian National Petroleum Agency (ANP), including the drilling of further wells in the area.

Iracema, in the BM-S-11 appraisal area, was drilled to a depth of 5 000 metres and completed in September 2009.  It is located in 2 210 metres water depth, around 250 kilometres off the coast of the State of Rio de Janeiro.

- 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. 

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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.

News Source : BG Group announces record productivity from well tests on the Iracema appraisal well in the Tupi area, Santos Basin, Brazil
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