The Rising Influence of Rising Affluence

[DewDiligence]

It’s official: the Guarani well was dry. Not a surprise.

http://finance.yahoo.com/news/Drilling-Completed-on-Guarani-bw-1081304432.html?x=0&.v=1

›Drilling Completed on Guarani Well

Tuesday July 7, 2009, 3:19 pm EDT

NEW YORK--(BUSINESS WIRE)--Hess Corporation (NYSE: HES ) announced today that the Guarani appraisal well on the BM-S-22 license in the Santos Basin offshore Brazil has been completed and no discovery notice was filed. Hess’ share of the well cost will be expensed in the second quarter.

The next step is to analyze the significant amount of seismic, log and core data gathered to plan the location of a third well to help further evaluate the BM-S-22 license.

Hess holds a 40 percent interest in the license. Other participants are ExxonMobil (40 percent) and Petrobras (20 percent). ExxonMobil is operator of the license.‹