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    Trex 06371

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    OSDocs2012
    Mike Daly provided an exploration update in Brazil to Andy Inglis, including that: 1) Petrobras pre-empted Maersk on block 34, in response to BP's letter. 2) Petrobras is asking for a $20m signature bonus, 2:1 carry, and discovery bonus of $1-2b for farm-ins in Brazil's equatorial margin. 3) The Macondo well has found ~100' of pay so far near prognosis, with lower than expected temperatures which could indicate good reservoir quality.

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    Trex 06371

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    OSDocs2012
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    Mike Daly provided an exploration update in Brazil to Andy Inglis, including that: 1) Petrobras pre-empted Maersk on block 34, in response to BP's letter. 2) Petrobras is asking for a $20m signature bonus, 2:1 carry, and discovery bonus of $1-2b for farm-ins in Brazil's equatorial margin. 3) The Macondo well has found ~100' of pay so far near prognosis, with lower than expected temperatures which could indicate good reservoir quality.

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    TREX-06371

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    Mike Daly provided an exploration update in Brazil to Andy Inglis, including that: 1) Petrobras pre-empted Maersk on block 34, in response to BP's letter. 2) Petrobras is asking for a $20m signature bonus, 2:1 carry, and discovery bonus of $1-2b for farm-ins in Brazil's equatorial margin. 3) The Macondo well has found ~100' of pay so far near prognosis, with lower than expected temperatures which could indicate good reservoir quality.

    Copyright:

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    Download as PDF, TXT or read online from Scribd
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    10 views2 pages

    Trex 06371

    Uploaded by

    OSDocs2012
    Mike Daly provided an exploration update in Brazil to Andy Inglis, including that: 1) Petrobras pre-empted Maersk on block 34, in response to BP's letter. 2) Petrobras is asking for a $20m signature bonus, 2:1 carry, and discovery bonus of $1-2b for farm-ins in Brazil's equatorial margin. 3) The Macondo well has found ~100' of pay so far near prognosis, with lower than expected temperatures which could indicate good reservoir quality.

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    of 2

    o.

    Andy

    431 |
    Exhibit No. Worldwide Court From: Daly,Mike(SJS) Sent: Tue Apr 06 09;40:47201,0 To: Inglis,Andy G (UPSTREAM) Cc: Verchere,ChristinaC; Hoprrood, Andy (HOU);Suttles,DougJ; Shaw, Neil;Armstrong, Ellis; Drysdale,SimonF Subject Exploration Updates lmportance: High Attachments: CARTAE&P-CORP 057-2010ShafeAlexander- Presldente BrasilLtda- BM-C-34.Sf BP

    I will be en-route Houston lo duringtheWeeklyMeeting. The mainpointsof update. 1. Pelrobras decided to pre-empt not on Maensk Blk-34. - Interesting replyto our letterenclosed. 2- BrazilEquatorial MarginFarm-ins. - Petrobras asking a $20msignature are a2:1 carryand a discovery for bonus, bonusof $1-2bbl. - This highlevelhas apparently in beenset by CNOOC two of the threebasins. - We will get veryclearon our priorilies comeup with a counleroffer+ a Rig. and - We (preferably and l) needto go and visit Estrella/Moraes you soon to establish more a jointbidding. has become strategic connection regardto future lt clearCNOOC are with all overeverything there.Whichwill makethe PAEissueevenmoreinteresting. 3. Macondo in oil. is - About100'of M56pay so far,whichis closeto prognosis. - No dataon quality reservoir oil,but thewellis -100'F lowerthanexpected that of so or quality. may be goodfor reservoir - We are currently takingseriouslosses whichis a concern. - Secondary target,M55/54(lsabella 1000'ahead.Hopefully will get we equivalent), there. - Probably 40mmbnet in the bag so far - intsntis to tie backto Pompano 4. Otherwellsnow on track- moreresults soon. coming - Hodwa just aboveAquitanian (Miocene) M15secondary target- roughly Raven equivalent. - Fagata drilling aheadin postsali Cretaceous - Moccassin drilling still aheadin salt,8000'tosaltexit - TickerBOPfixedand drilling ahead job, basedHouston. 5. NeilPiggott camebackformally andaccepted BrazilVPX lhe

    i,,,, ::r:: .

    CONFIDENTIAL

    3668 79MD10000 BP-HZN-21

    O
    6. I broadly proposalto placeShafeas a VP OBO. support Guillermo's - lt givesShafethe key extemalpartners covering NOCand IOC's. job, the - He will also run the in countryexploration operations Neil. for - ll feelslikethe pragmatic giventhe splitsite and giveshiman LT seat. solution - ll alsogiveslvanthe C&EAroleand places verycapable a Brallian in an LT position. 7. RCMApril15th - Ceduna as per AtN bid - BafiinBayseismicas per AtN - as its a new countryentry. - Tiber appraisal 8. Prasad has confirmed will visitus on the 14th. he - Momingin Sunbury, - Afternoon/Evening meeting withyou andABH. Seeyou Wednesday 7.30. Mike

    O'-t,

    CONFIDENTIAL

    BP-HZN-21 79MD 100003669

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