PetroRio S.A. (“Company” or “PetroRio”) informs its shareholders and the market in general that a new reserves and resources certification report was published by DeGolyer & MacNaughton (“D&M”), dated as of January 1, 2021, which includes Polvo, Tubarão Martelo, Frade and Manati Field reserves and Block BM-C-30 (“Wahoo”) contingent resources, where PetroRio currently holds a 64.3% interest (subject to ANP’s approval).
Considering only the oil reserves of the Polvo, TBMT and Frade Fields, PetroRio had a 7.7 MMbbl increase in 1P reserves compared to the last report (dated April 30, 2020) and after the proper adjustments to equalize the reports by the cumulative production between the reference dates, 1P reserves increased by 16.1 MMbbl.
Wahoo’s contingent oil resources (1C) were evaluated at 125.6 MMbbl (80.8MMbbl for the 64.3% interest acquired by the Company so far, subject to ANP’s approval), and there was an additional 6.6 MMbbl increase in the Frade Field’s production from the extension of its economic life due to the project. The Frade + Wahoo cluster abandonment date is pushed back to 2054, from 2034.
Summary of proved reserves (1P) and contingent resources (1C):
Access the full report at: http://ri.petroriosa.com.br/en/servicos-aos-investidores/certification-reports/