** Shares of British oil co BP BP. up 1.3% at 404.2p

** BP says it has made an oil and gas discovery in Brazil’s Santos basin

** Brazil’s Santos basin is believed to be a large reservoir of oil and gas

** “We are excited to announce this significant discovery at Bumerangue, BP’s largest in 25 years” – Gordon Birrell, EVP of production & operations

** As of last close, stock up ~3% YTD
Source: Reuters