PRIO on the termination of the Albacora negotiations

Petro Rio S.A. (“PRIO”) (B3: PRIO3) informs that it has received a notice from Petroleo Brasileiro S.A. (“Petrobras”) informing of the termination of the Albacora Field (“Field” or “Albacora”) divestment process, as the parties have not reached an agreement regarding the valuation of the asset.

Despite Albacora’s potential, PRIO believes that a transaction with values above what has already been offered would not achieve appropriate return rates and risk profile for the project. Thus, PRIO reinforces its commitment to financial discipline and capital allocation at return rates that reflect its goals of generating value to its shareholders.

The decision does not affect the Albacora Leste transition process, which is still under assessment by the National Petroleum, Natural Gas and Biofuels Agency (“ANP”), whose approval is expected in the upcoming months.

Lastly, the Company thanks Petrobras for its commitment and professionalism throughout the process, in particular of the Portfolio Management team.

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