Rosneft Brasil (100% owned Rosneft subsidiary) started the drilling of the first exploration well in the Solimoes Basin. Rosneft is commencing the next phase of the exploration program in the Amazon region as operator following its purchase of PetroRio's interest in 2015.

The Company expects to perform the drilling and well testing and evaluation in Q2 2017.

Rosneft Brasil is planning to drill at least 4 wells within the upcoming exploration drilling campaign with the scope of obtaining valuable geological information to determine the hydrocarbon resource potential of the Solimões Basin.

The Solimões project establishes Rosneft as an operator in Brazil, a country with major upstream growth opportunities both onshore and offshore. Rosneft continues to evaluate oil and gas monetization options for the Solimões Project.

Notes for editors:

The Solimões blocks cover an area of approximately 37 000 sq. km. The project includes 18 license blocks.

In July 2014 Rosneft Brasil and Petrobras signed a Memorandum of Understanding that envisaged the detailed analysis of options for monetization of gas held in the Solimões basin, creation of a joint Work Group and preparation of a roadmap for progressing the study. The studies have been completed and Rosneft Brasil is working with stakeholders in the Amazon Region to progress the priority monetization options.

In May 2015 Rosneft Brasil and PetroRio (formally HRT Participações em Petróleo S.A.) completed the signing of the Rosneft Brasil transaction to acquire PetroRio's 55% in the Solimões project. The transaction resulted in Rosneft assuming formal operatorship of the project and holding 100% interest.

Rosneft Information Division
Tel.: + 7 (499) 517-88-97
February 16, 2017

OJSC Oil Company Rosneft published this content on 16 February 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 16 February 2017 06:53:11 UTC.

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