PRIO S.A. (“Company” or “PRIO”) (B3: PRIO3), informs its shareholders and the market in general of the start of production of the ODP5 (“F23P3”) well, in the Frade Field (“Field” or “Frade”), with stabilized initial production of approximately 8,000 barrels of oil per day. Thus, PRIO has exceeded the milestone of 100,000 barrels per day of production.
During the execution of the original Frade Revitalization Campaign, geological information was collected that is serving as a base to enable the realization of a third phase of the redevelopment campaign, whose next steps are still under analysis. The ODP5 well is the first well in this new phase, almost 1 year ahead of schedule, with costs in line with previous wells for its construction and subsea connection and is positioned in the same reservoir as the ODP4 well, the first producing well of the Campaign. PRIO will keep the market informed of new developments in the Frade Revitalization Campaign.
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