3R PETROLEUM ÓLEO E GÁS S.A. (“3R” or “Company”) (B3: RRRP3) communicates its shareholders, investors and the market in general the result of the reserves certification of the fields that together form the Potiguar Cluster. The reserves report was prepared by the independent consultancy DeGolyer and MacNaughton, with a base date of December 31, 2021, which certified the asset’s reserves, as presented in the table below:
On January 31, 2022, 3R Petroleum, through 3R Potiguar S.A., a subsidiary of the Company, signed an agreement for the acquisition of the Potiguar Cluster, located in the Potiguar Basin, in the State of Rio Grande do Norte, currently operated by Petróleo Brasileiro S.A. (“Petrobras”), which holds a 100% interest in the asset. Upon completion of the transaction, 3R Potiguar will become the operator of the Cluster. The total value of the transaction is US$1.385 billion, of which (i) US$110 million was paid on January 31, 2021, the date of signing of the acquisition agreement; (ii) US$ 1.04 billion to be paid on the closing date of the transaction; and (iii) US$ 235 million to be paid in 4 annual installments of US$ 58.75 million, the first in March 2024 and the last in March 2027.
The agreement provides for the transfer of the concession contracts of 22 fields, the entire infrastructure and pipeline systems that support the operation, in addition to the Guamaré Industrial Asset (GIA), which includes natural gas processing units (NGPUs), the Clara Camarão refinery and the Guamaré Waterway Terminal (Terminal for Private Use), with huge storage capacity (over 1.8 million barrels) and systems that allow the export, import and cabotage of crude oil and derivatives. The Company reinforces that the reserves report indicates an approximate present value of US$ 2.8 billion referring to 2P reserves (proved and probable) and that it comprises an exclusive analysis of production assets (upstream), not considering, for purposes of economic-financial analysis, the assets and the respective cash generation related to the mid and downstream assets located at GIA.
In 2021, the Potiguar Cluster concessions recorded an average daily production of 20.6 thousand barrels of oil per day and 58.1 thousand m³/day. The gas produced in the asset represents less than 2% of the total and is consumed by the operation and/or reinjected into the reservoir. In the chart below, it’s possible to see the historic and oil production curve projected by the reserves report from 2022 onwards:
Considering the Potiguar Cluster reserves report, the Company’s portfolio now comprises 493.5 million barrels of oil equivalent of proved and probable reserves (2P), of which 354.8 million barrels (or 72%) are proved reserves (1P). Of the total 2P reserves, 11% represents natural gas reserves. The table below presents the consolidated values of the reserves certifications for 3R portfolio.
All Company’s reserves reports can be accessed in full through the link http://ri.3rpetroleum.com.br. Finally, 3R reinforces its commitment to keep its shareholders, investors and the market in general duly informed, in line with the best corporate governance practices and in strict compliance with current legislation.
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