PETRO RIO CONTRACTING OF RIG FOR FRADE AND WAHOO DRILLINGS

Petro Rio S.A. (“Company” or “PetroRio”) (B3: PRIO3) informs its shareholders and the market in general that it has signed with Ocyan Drilling S.A. a contract to hire the NORBE VI drilling rig for the Frade Field Revitalization Campaign and the Wahoo Field development. 

The contract will begin in March 2022 and will enable the drilling of 3 wells in the Frade Field (1 producer and 2 injectors) followed by the drilling of 4 producer wells in the Wahoo Field. The contract’s initial period will be of 500 days and PetroRio will have an option to extend this term for an additional 350 days, divided into periods of 70 days each. The rig, built in 2010, is a semi-submersible drilling platform with dynamic positioning, able to operate at 2.4 thousand meters of water depth and drill wells up to 7.5 thousand meters.

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