Bautista was on a fastest lap but ran wide at turn six. Petrucci was looking good, too, and went up to second with his final lap, only 0.029s behind Razgatlioglu.
There's also been a crash for Sam Lowes. Less than one minute remaining in FP1.
Jonathan Rea, Tarran Mackenzie and Alex Lowes have all crashed now, too. Looks like we're getting towards the limit of these conditions.
Bautista now up to third place, just over half-a-second off Razgatlioglu.
Ivo Lopes has also crashed on the second MIE Honda.
Michael Ruben Rinaldi has crashed. He's ninth at the moment and was on a personal best lap after the second sector.
Bautista up to sixth now, 0.903s behind Razgatlioglu.
Into the final 10 minutes now and it's still Razgatlioglu leading from Alex Lowes, and Tarran Mackenzie has fired the MIE Honda into third place, in front of Petrucci.
Locatelli's got his bike back to the pits, which is where the majority of riders are at the moment, with 14 minutes to go.
Andrea Locatelli was on a personal best lap but has crashed braking for the tight left-hander in the final sector.
Petrucci up to third with his latest lap, 0.778s off the pace.
Razgatlioglu back to the top again, 0.4s clear of Lowes. Looks like these times are going to keep scrolling.
Nicolo Bulega has crashed, seemingly at the Interior Parabolica. Meawhile, Alex Lowes has returned to the top and lowered the benchmark into the 1:52s.
Toprak Razgatlioglu to the top now, 0.002s ahead of Lowes.
Lowes faster again on his latest lap, almost a second clear of the field now.
Most riders back on track now and Alex Lowes has hit the top, despite having to pass Philipp Oettl in the final corner.
The session has returned to green; Scott Redding and Alex Lowes are both heading out on track.
Confirmed that 'safety conditions' are the reason for the red flag.
The red flag is out. Not entirely sure the cause but no one seems to have crashed. Looks like this one might be for conditions.
Xavi Vierge up to second with his latest lap, he and Rea now both within a second of Locatelli but the times are still scrolling at the moment as the riders continue to acclimatise to the conditions.
Locatelli improves to a 55.469, and Rea (+1.218) is now the only rider within three seconds of the Italian.
It's Andrea Locatelli who's set the early pace in Estoril, his 1:57.644 has him over one second clear of Jonathan Rea in second.
Some riders continuing on after their outlaps to start a timed lap, others entering pit lane immediately.
Riders heading out on track now as the session goes green. Everybody on full wets to begin with.