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Oil Giant BG Santos Test Falls Flat

By Sarah Coursey, Editor

RIO DE JANEIRO - The second confirmation of a dry well in the Santos Basin pre-salt area was announced by BG Group PLC this week, causing share prices to drop for the company.

There were no traces of hydrocarbons following a probe on Corcovado-2 in Block BM-S-52. The announcement follows a July no-show for oil in the second well drilled in the nearby Block BM-S-22 by ExxonMobil, pre-salt's first disappointment since exploration began in the area.

The pre-salt area has been touted as a veritable money tree . . .

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