Petrobras has completed drilling another well in the Franco area (Santos basin presalt), included in the transfer of rights agreement, according to a news release.

The new well has confirmed the presence of good quality oil (28º API) in excellent carbonate reservoirs below the salt layer, starting at a depth of 5,398 m (17,710 ft), Petrobras said in the release. A total depth of 5,900 m (19,357 ft) was reached after a 396-m (1,299-ft) column of oil was confirmed. Samples were collected in reservoirs of thickness similar to that of the discovery well, confirming the extension of these oil reservoirs towards the eastern section of the Franco block.

Known as the 3-BRSA-1184-RJS (3-RJS-723), the well is located at a water depth of 2,011 m (6,598 ft), some 200 km (124 miles) from the city of Rio de Janeiro and 7.5 km (4.7 miles) southeast of discovery well 2-ANP-1-RJS (Franco).

The drilling of this well is an addition to the mandatory exploration program for Franco, designed to improve volume delimitation, according to the release.

Under the transfer of rights agreement, Petrobras said it is entitled to produce up to 3,058 Bboe in Franco. The exploratory phase is under way and is expected to be completed by September 2014.