The development stages:Exploration drilling/2008-04.Block SEAL-M-34 is located in ultra-deep water in the Sergipe-Alagoas basin. Petrobras holds a 60% operating stake in the concession with the balance held by IBV do Brasil. In December 2012 Petrobras discovered a new accumulation of light oil in the block. The well, located 105km from the coastal city of Aracaju, was drilled to a depth of 2,328m.