PRIO: Frade ODP4 well start of production

Petro Rio S.A. (“PRIO”), informs its shareholders and the market in general of the start of production of the 7-FR-54H-RJS (“ODP4”) well, in the Frade Field, with stabilized initial production of approximately 15,000 barrels of oil per day, significantly above original projections, doubling the Field’s production and increasing the Company’s production by 45%, to 48,500 barrels of oil per day).

The ODP4 well, the first of Frade’s Revitalization Campaign, was concluded in 68 days, substantially lower than the expected time, resulting in a 30% cost reduction for the well’s construction and subsea connection.

Due to the OD4 well’s lower execution period and cost, PRIO decided to anticipate the drilling of an additional producer well, the MUP3A. Although this new well has lower expected production (approximately 3,500 bpd), it will also have significantly lower CAPEX, since the MUP3 well’s subsea structure, which no longer produces, will be used.

Therefore, the first phase of Frade’s Revitalization Campaign now includes 4 wells (2 producers and 2 injectors), and the CAPEX relating to this phase will remain the same as per initial estimates.

PRIO will keep the market informed of new developments in Frade’s Revitalization Campaign.

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