BG Group announces further success in Santos Basin, offshore Brazil

13 June 2008

BG Group today announced another new oil discovery in the Santos Basin, offshore Brazil. The exploration well, known as Guara, discovered oil within the BM-S-9 concession area. This is the second discovery within the BM-S-9 concession area where BG Group holds a 30 per cent interest along with operator Petrobras (45 per cent) and Repsol YPF Brasil S.A. (25 per cent). The first discovery, known as Carioca, was announced on 6th September 2007:

http://www.bg-group.com/MediaCentre/PressArchive/2007/Pages/090507-sx.aspx

The Guara exploration well is BG Group's fifth consecutive drilling success in the deep water Santos Basin since the Group began its drilling programme in 2005. BG Group has been present in offshore Brazil since 2000 and has interests in seven concessions in the Santos Basin covering a total area of approximately 7 450 square kilometres.

BG Group Chief Executive, Frank Chapman said: "This new discovery extends the very significant potential of this world class hydrocarbon province. Together with our partners, we will now continue to advance our evaluation and development programme, targeting initial production from the pre-salt Santos Basin during 2009."

The discovery is located in 2 141 metres of water approximately 310 kilometres off the coast of Sao Paulo state. On completion of the well, the partners will undertake further assessment to define the dimensions and characteristics of the reservoir prior to submitting an Evaluation Plan to the National Petroleum Agency (ANP).

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