PRIO on the closing of sale of interest in the Manati Field

PRIO S.A. (“Company” or “PRIO”) (B3: PRIO3), in addition to the material fact released on November 3, 2022, informs its shareholders and the market in general that, on this date, received the payment regarding the conclusion of the sale of its 10% interest in the Manati Field (“Field” or “Manati”) to Gas Bridge Storage S.A. The National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) has already been notified regarding the closing of the deal and the formal procedures are expected to be completed today. 

The total value of the transaction was R$ 124 million, of which R$ 24.8 million was paid after the signing of the contract and, on this date, R$ 85.7 million was paid, after the applicable price adjustments.

The interest in the Manati Field was acquired in 2017 for R$ 140 million, generated R$ 350 million of cash to the date that the contract was signed and, after the conclusion, 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.

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