Petróleo Brasileiro SA - Petrobras announced it has completed drilling and conducted a formation test in the well that discovered oil at the Transfer of Rights area referred to as Florim, in the Santos Basin pre-salt. Well 1-BRSA-1116-RJS (1-RJS-704), informally known as Florim, is located at a water depth of 2,009 meters, 206 km off the coast of the Rio de Janeiro state. The well confirmed the discovery of good quality oil (29 API) in carbonate reservoirs located just below the salt layer starting at a depth of 5,342 meters. The well was completed at a depth of 6,004 meters after achieving the objectives outlined in the Transfer of Rights Agreement. After drilling was complete, a formation test was conducted that confirmed the excellent productivity of the reservoirs without the presence of CO and H S. Petrobras will proceed with activities in the area by drilling another appraisal well in 2013. The Transfer of Rights agreement sets a volume of 467 million barrels of oil for the Florim area and the contract determines the end of the exploratory phase in September 2014.

Petrobras Presents at UBS Global Oil and Gas Conference, May-23-2013 08:40 AM. Venue: Four Seasons Hotel, 98 San Jacinto Blvd., Austin, Texas, United States. Speakers: Jayme Miranda, Manager, E & P Corporate Planning, Rafaela Monteiro, E & P Coordinator, Theodore Helm, IR Executive Manager.

Petróleo Brasileiro SA - Petrobras (BOVESPA:PETR4) has denied the sale of its assets in Argentina. Maria das Gracas Foster, President at Petrobras, told Brazilian senators that no decision had been made yet. La Nacion, Clarin and El Cronista, citing unnamed sources, reported that Petrobras had agreed on May 13, 2013 to sell 51% of Petrobras Argentina SA BASE:PESA) assets to Oil Combustibles SA. He added that while Petrobras was in talks over the future of its Petrobras Argentina, it had not yet made a decision. "(Petrobras Argentina) is in our divestment portfolio. The Petrobras board of directors has not taken any position. We are in talks with several Argentine companies. We have no deadline for taking a decision and we are not in a hurry," he said. Reuters added that a spokesman for Oil Combustibles did not directly confirm or deny the press reports, saying simply: "The negotiations with Petrobras are very advanced." Petrobras Argentina was not immediately available to comment.