Bharat PetroResources Limited (BPRL), a wholly owned subsidiary of Bharat Petroleum Corporation Ltd., advises that PETROBRAS, Operator of SEAL-M-426" Block in BM-SEAL-11 Concession, Brasil, has announced a new discovery of light hydrocarbon in the concession, located in ultra deep waters of Sergipe Alagoas Basin.

The discovery well l-SES-167, informally called "Farfan" is located 109 kms from the city of Aracaju in water depth of 2720m. The "Farfan" well is located 21 kms southeast of the earlier discovery well "Barra" and 10 kms north west of appraisal well ilBarra-l" respectively.

The well proved presence of excellent sandstone reservoirs saturated with light hydrocarbons in the Campanian section with gross pay thickness of 44m (net pay of 40m) from 5582m to 5626m. The discovery was established based on logs recorded, lithologies recovered and MDT fluid sampling (mini DST).

The consortium will continue to drill the well to a depth of 6000m, exploring other deeper objectives and conduct further analysis, with an aim of presenting the Discovery Assessment Plan to the Brazilian upstream regulatory agency ANP.

Petrobras is the operator of the concession BM-SEAL-11 with 60% interest in partnership with IBV Brazil (a 50:50 Joint Venture Company, formed by wholly owned subsidiaries of Bharat PetroResources Ltd and Videocon Industries Limited) holding the remaining 40%.