PetroRio Material Fact – Acquisition of Chevron Brasil Upstream Frade

Petro Rio, in addition to the material fact disclosed to the market on October 29, 2018, has executed a Share Purchase Agreement for the acquisition of Chevron Brasil Upstream Frade – a limited liability company holding a 51.74% working interest and operatorship in the Frade Field – and of equivalent interest in assets operating in the field.

Once concluded, PetroRio’s will increase its working interest in the concession from 18.26% to 70% and become the field’s operator.

With the transaction, PetroRio’s combined production at Frade will reach 15,000 boepd and contribute to a significant increase in the Company’s total production, reaching approximately 28,000 boepd. In addition, Company 2P reserves are expected to reach 83.6 million barrels.

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NOTE: Mr. Nelson Queiroz Tanure, CEO, PetroRio S.A. will be addressing the delegates of the Global Offshore Brazil Summit, being held at the Sheraton Grand Rio Hôtel (conference held 20-21 February).  Mr. Tanure’s presentation will address “Strategy for Mature Fields”.

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