At the same time, although we have confirmed and reported to the ANP microbiolite limestone with presence of gas and light oil on the OGX-85 well (Fortaleza accumulation), the Company decided not to continue its development and returned the BM-S-57 block to the ANP. In September 2012, the Company also returned the BM-S-29 block to the ANP.In November 2012, as part of our continuing process of portfolio management, we acquired Petrobras’ 40% participating interest in Block BS-4, located in the Santos Basin. The BS-4 block encompasses two post-salt oil fields known as Atlanta and Oliva, located 185 kilometers off the Brazilian coast at a water depth of approximately 1,500 meters, with oil quality from 14º to 16º API. The consortium is formed by Queiroz Galvão Exploração e Produção SA, which holds the operatorship and a 30% participating interest, and Barra Energia do Brasil Petróleo e Gás Ltda., which also holds a 30% participating interest. In January 2013, the consortium received ANP approval for its Development Plan for the Atlanta Field and the first production well is expected for the second half of 2013 using Ocean Star rig, from our current fleet.
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