Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3), in accordance with art. 26 of the Novo Mercado Regulation, and in addition to the Material Fact of November 19, 2020, informs its shareholders that the country’s National Petroleum, Gas and Biofuels Agency (“ANP”) has approved the purchase of 35.7% in the BM-C-30 Block (“Wahoo” or “Wahoo Field”) and 60% in the BM-C-32 Block (“Itaipu” or “Itaipu Field”) by the Company, thus becoming the operator of both pre-salt fields.
With this transaction, carried out on November 18, 2020, PetroRio aims to create a second production cluster through the tieback between Wahoo and the Frade Field, in line with the operational optimization strategy for the assets. Wahoo’s first oil is expected to happen in early 2024.
According to the reserve certification report published by DeGolyer & MacNaughton (“D&M”) in 2021, the Wahoo Field (100%) has more than 125 million barrels classified as 1C resources, in addition to approximately 7 million 1C barrels to be added to the Frade Field, due to its life extension.
1) Signing of the Amendment to the Concession Agreement;
2) Beginning of the applicable cash calls referring to the planning of the field’s development;
3) Declaration of Commerciality;
4) Presentation of the Development Plan;
5) Beginning of drilling and the tieback project;
6) Wahoo first oil.