PRIO on start of production of N5P2 well

Petro Rio S.A. (“Company” or “PRIO”) (B3: PRIO3), informs its shareholders and the market in general of the start of production of the 7-FR-61HP-RJS (“N5P2”) well, in the Frade Field (“Field” or “Frade”), with stabilized initial production of approximately 11,000 barrels of oil per day, above original projections. Thus, the Field has reached 50,000 barrels per day and PRIO has reached the milestone of 90,000 barrels per day of production.

The N5P2 well, the fourth producing well of the Frade Revitalization Plan, was executed in a shorter timeframe than initial projections and almost 1 year ahead of initial planning, with a total cost of $55 million for its construction and subsea connection. PRIO will keep the market informed of new developments in Frade’s Revitalization Plan.