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Perenco was awarded five large deep water Exploration Concessions in the Brazilian 9th Round of Licensing, with Concession Agreements signed in March 2008. All concessions are operated by Perenco and are held in partnership with OGX, with each company having a 50% working interest. They are contiguous and located in the deep water sector of the offshore Espirito Santo basin, with each block covering an area of approximately 725 km2.

All concessions have an initial four year term, which has a minimum commitment consisting of the acquisition and processing of seismic data, followed by the drilling of a total of two wells. Perenco has completed the acquisition of a total of 3.250 km² of 3D seismic and 1.820 km of 2D seismic data, which has been interpreted by our teams of geoscientists located in Rio de Janeiro and London. Perenco secured the environmental license for exploration drilling in October 2011 and the first drilling campaign was initiated in November 2011 with one well to be drilled in each of Concessions BM-ES-37 and BM-ES-38.
The first exploration period will end in March 2012.  An additional single exploration well commitment on each block marks the second  exploration phase, set to last for two years..

These exploration blocks offer a wide range of hydrocarbon play types, with prospects and leads on trend with the Golfinho light oil field, which came onstream in 2006 and recent oil and gas discoveries in the basin, such as Indra, Pé de Moleque, Brigadeiro, and Quindim.  Also on trend are the gas and condensate fields of Cangoá, Peroá and Camarupim.