petroleo brasileiro-spon adr (PBR) Key Developments
Petróleo Brasileiro S.A. - Petrobras Approves Appointment of Jo O Adalberto Elek Junior for the Position of Governance, Risk and Compliance Officer
Jan 13 15
Petróleo Brasileiro S.A. - Petrobras announced that its Board of Directors, at a meeting held on January 13, 2015, approved the appointment of Mr. Jo o Adalberto Elek Junior for the position of Governance, Risk and Compliance Officer. Mr. Jo o Adalberto Elek Junior will be one of the members to sit on the Special Committee that will serve as a reporting line to the internal independent investigations conducted by Trench, Rossi e Watanabe and Gibson, Dunn & Crutcher. Mr. Jo o Adalberto Elek Junior was the Chief Financial Officer at Fibria Celulose where he performed the duties of investor r elations, control and risk management and finances.
Petróleo Brasileiro S.A. - Petrobras Reports Production Results for December 2014
Jan 13 15
Petróleo Brasileiro S.A. - Petrobras reported production results for December 2014. Total oil and natural gas production in December, in Brazil and abroad, has reached an average of 2 million 863,000 barrels of oil equivalent per day. This volume has an increase of 4.4% from 2 million 741,000 boed registered in November 2014. The company also reached in December its historical oil and natural gas liquids production record with a monthly average of 2 million 212 barrels of oil per day (bdp). This volume has an increase of 4.8% from 2 million 111,000 bdp produced in November 2014.
Kahn Swick & Foti, LLC and KSF Reminds Plaintiff Deadline in Class Action Lawsuit against Petroleo Brasileiro S.A. - Petrobras
Jan 10 15
Kahn Swick & Foti, LLC and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until February 6, 2015 to file lead plaintiff applications in a securities class action lawsuit against Petroleo Brasileiro S.A. - Petrobras if they purchased Petrobras's American Depository Shares between May 20, 2010 and November 21, 2014, inclusive (the Class Period). This action is pending in the United States District Court for the Southern District of New York. Petrobras and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws. These false statements and omissions included, in part, that high level managers were overpaying for refineries and partaking in what is now known to have been a multi-billion dollar money-laundering and bribery scheme that began in 2006 and that Petrobras overstated its property, plant and equipment line items on its balance sheet. Beginning on September 5, 2014, reports surfaced that Petrobras had engaged in bribery related to its contracts, leading to the arrests of senior management and Petrobras's statement that it may have to adjust its historical financial statements to recognize the overpricing of construction contracts. On this news, the value of Petrobras's ADS's plummeted by 46%.
Petróleo Brasileiro S.A. - Petrobras Confirms Light Oil Potential of Muri Area in Sergipe Basin
Jan 9 15
Petróleo Brasileiro S.A. - Petrobras announced results of drilling well 9-SES-187A (Petrobras nomenclature) /9-BRSA-1278A-SES (ANP nomenclature), located in concession area BM-SEAL-10, blocks SEAL-M-347 and SEAL-M-424, in Sergipe Basin ultra-deep waters. Results have confirmed the continuation of the light oil accumulation in turbidite sandstone in the Muri area (from 38 to 40 API). The well is 88 km off the coast of the city of Aracaju, some 2.8 km from the discovery well and at a water depth of 2,533 meters. A 56-meter thick reservoir presenting good permeability and porosity features was detected. The well reached the total depth of 5,521 meters. At this time, the well is in the completion phase and, subsequently, an injectivity test will be conducted to assess the reservoir's productivity. This accumulation is part of the Sergipe-Alagoas Basin deep-water exploration project, as provided for in the Petrobras Business and Management Plan for the 2014-2018 period. Petrobras, which holds 100% of the stake of concession BM-SEAL-10, will proceed with the Discovery Evaluation Plan, as approved by Brazil's Petroleum, Natural Gas and Biofuels Agency (ANP).
Petróleo Brasileiro S.A. Discovers New Oil Accumulation in Farfan Area in the Sergipe Basin
Jan 9 15
Petróleo Brasileiro S.A. announced the results of drilling well 9-SES-188D (Petrobras nomenclature)/9-BRSA-1280D-SES (ANP nomenclature), located at concession area BM-SEAL-11, in block SEAL-M-426, in Sergipe Basin ultra-deep waters. The results confirm the light oil and gas discovery in Farfan area (between 37º and 40º API). The results presentedpermoporosity conditions in the turbidities reservoirs with 54 meters thickness. This drilling also presented a new light oil accumulation in a deepest reservoir, with 28 meters thickness and in good permoporosity conditions. Located at 107 km off Aracaju, at 5.7 km off the discovering well and at a water depth of 2,492 meters, the well reached a final depth of 5,900 meters and it is under evaluation now. This accumulation is part of the Sergipe-Alagoas Basin deep-water exploration project, according to company's business and management plan for the 2014-2018 period.