PRIO 2025 Reserves Certification

PRIO S.A. (“Company” or “PRIO”) hereby informs its shareholders and the general market that it has published a new reserves certification of the Company, prepared by DeGolyer & MacNaughton (“D&M”), dated January 1, 2025, which includes the reserves of the Polvo and TBMT cluster, Frade and Wahoo cluster and Albacora Leste field. To the Peregrino field, the Company maintained the certification published in September 27,2024.

Summary of resereves:

Notes:
(1)     The reserves and resources (1P + 1C) of the Peregrino field refer to the certification of January 1, 2024, discounting the production of the field throughout the year 2024.

Summary of CAPEX associated with reserves:

Notes:
(1)     Does not consider production maintenance CAPEX.
(2)     Considers only drilling and well completion CAPEX.
(3)     In 2024, Wahoo’s expansion CAPEX considered a 64% participation.

In the Frade field, the 1P reserves were revised considering the lower than expected performance of some producing wells in 2024. In addition, the 2025 certification provides for 1 new producing infill well in the N570 reservoir. 

In the Wahoo field, the 2025 certification presented an increase of 43 million barrels, considering 100% of the field’s reserves, due to the favorable outcome for PRIO in the arbitration. Additionally, there was an adjustment in the total CAPEX from US$ 830 million to US$ 850 million, due to the postponement of services as a result of delays in environmental licensing for the field.

In the Albacora Leste field, the 1P production curve was adjusted considering the reservoirs’ performance and the production curve’s postponement due to Wahoo’s licensing delays, which also postponed the Field Revitalization Plan. The CAPEX per barrel added was positively impacted by the reopening of wells that carry relatively low CAPEX (workover).

Finally, in the Polvo and TBMT cluster, the new certification considered 1 new producer well in the Polvo field, Well B, for 2025, and 1 new producer well, Well A, for 2026. Regarding CAPEX, the 2025 certification had considered 2 new producer wells in Polvo and 2 workovers in Tubarão Martelo. Thus, CAPEX per barrel added showed a reduction compared to the last certification, positively impacted by CAPEX for the workover of the Tubarão Martelo wells.

Access the full report at: https://ri.prio3.com.br/en/servicos-aos-investidores/certification-reports/