Situation	Fluid			Water Depth
Exploration	Oil	or	Gas	50 m

Consortium

QGEP (operator) – 100%.

Year discovered

2013.

Total disbursements

US$84 million.

Performance in 2013

Drilling of Alto de Canavieiras was successfully finalized, with ANP being notified of the discovery. Due to the smaller operational window, there was not sufficient time to execute testing of the well and assess the extension and commercial potential of the discovery. Under the terms of the environment license, drilling is only allowed during 4 months in the year. QGEP has been carrying out a series of scientific studies (such as the launch of drifters) to study the dynamic of currents in the region.

Estimate for 2014

QGEP is awaiting the ANP’s decision on the discovery assessment plan, submitted to the regulatory agency in December 2013.