PRIO sale of interest in the Manati field

Petro Rio S.A. (“Company” or “PRIO”) (B3: PRIO3), informs its shareholders and the market in general that it has signed an agreement with Gas Bridge Storage S.A. for the sale of its 10% interest in the Manati Field.

The total amount of the transaction is of R$ 124 million, of which 10% will be paid upon signing, and the remainder upon completion of the transaction. The completion is subject to the usual conditions precedent, such as approval by CADE and ANP. Unlike the previous transaction, signed on 11/05/2017, which was terminated uncompleted, this one does not depend on any transaction of the counterparty with other consortium members. The effective date of the sale is December 1, 2022.

The interest in the Manati Field was acquired in 2017, for R$140 million, has generated R$ 350 million of cash to date and at the conclusion of the transaction will have returned 3.4 times the invested capital.

This move is part of the Company’s strategy to generate value through dynamic management of its asset portfolio, and reinforces PRIO’s focus on the operated assets that composes the core of its business.