BP PLC (BP.LN) said Wednesday it discovered oil at its Tiber Prospect in the deepwater Gulf of Mexico.

MAIN FACTS:

-The well, located in Keathley Canyon block 102, 250 miles (400 kilometres) south east of Houston, is in 4,132 feet (1,259 meters) of water.

-The Tiber well was drilled to a total depth of 35,055 feet (10,685 meters) making it one of the deepest wells ever drilled by the oil and gas industry.

-The well found oil in multiple Lower Tertiary reservoirs.

-Appraisal will be required to determine the size and commerciality of the discovery.

-Tiber is operated by BP (BP.NYSE), with a 62% working interest with co-owners 20% Petrobras (PBR/PBRA.NYSE) and 18% ConocoPhillips (COP.NYSE).

-By London Bureau, Dow Jones Newswires; Contact Ian Walker; +44 (0)20 7842 9296; ian.walker@dowjones.com