3R Petroleum Jan. 2023 Production Data

3R PETROLEUM ÓLEO E GÁS S.A. (“3R” or “Company”) (B3: RRRP3), following best practices in Corporate Governance informs its investors and the market in general the preliminary unaudited production data for January 2023.

Source 3R Petroleum

(1) Refers to the 35% Interest held by 3R in Pescada Cluster concessions. 

(2) In January, approximately 70% of the gas produced at the Recôncavo Cluster was reinjected into the reservoirs of its fields.

(3) Refers to the interest held by 3R in Peroá Cluster concessions, considering 70% in August and 85% from September 2022.

(4) The Company took over the operations of Papa Terra Cluster on December 23. The fourth quarter average daily production was calculated considering just 9 days of operations. The stake of Papa Terra held by 3R is 53.13%.

The Company is the operator of Macau, Areia Branca, Fazenda Belém, Rio Ventura, Recôncavo, Peroá and Papa Terra Clusters and holds a 35% stake in Pescada Cluster, the latter operated by Petrobras. The consolidated average daily production of the eight Clusters mentioned above totaled 31,047 barrels of oil equivalent (boe) in January 2023. Of this total, the portion referring to 3R’s stake reached an average daily production of 23,086 boe, an increase of 50.2% compared to 4Q22 and up by 23.5% M/M.

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Regarding the operational performance of January 2023, the Company highlights that:

Potiguar Complex: the production from the Potiguar Complex registered a reduction of 9.1% compared to 4Q22 and -6.6% M/M, both in boe/d. The performance is explained mainly by the Macau Cluster, which remained impacted by: (i) set-up activities of the oil-water separation plants, and (ii) flow reduction and temporary closure of some wells for partial replacement of a pipeline that directs the production of CN-B to the Guamaré Industrial Asset (located in the Potiguar Cluster), with conclusion expected for the first quarter of 2023.

Recôncavo Complex: the production from the Recôncavo Complex maintained a positive performance in the month, registering an increase of 21.1% compared to the average of 4Q22 and +0.8% M/M, both in boe/d. Complex’s performance was driven by the Rio Ventura Cluster, +4.2% M/M on boe/d, partially offset by a 1.5% M/M reduction at the Recôncavo Cluster.

Offshore Complex: the production from the Offshore Complex recorded growth of 205.7% compared to the average of 4Q22 and + 84.4% M/M, both in boe/d. This result is due to the first full month of production at Papa Terra Cluster under the Company’s management, partially offset by lower demand for gas under the take or pay contract at Peroá Cluster. In January, 3R carried out three offloading operations (transfer of oil stored in FPSO 3R-3 to tankers) at Papa Terra Cluster, with a total volume transferred of 370 thousand barrels of oil, of which 246 thousand barrels were billed by 3R Offshore. Additionally, it is worth mentioning that, upon taking over the asset in December 2022, the Company began an inspection and maintenance campaign in several processing and storage systems of the FPSO, with the objective to reopen and reactivate (through replacement of pumps) throughout 2023 wells that are temporarily closed.

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The production data referring to 100% of the Potiguar Cluster will be incorporated into this report as soon as the transition processes with Petrobras are concluded and approved by the ANP.                                                           

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