PRIO 2026 Reserves Certification

March 11 – PRIO S.A. (“Company” or “PRIO) informs to its shareholders and the market in general that it has published a new reserve certification report, prepared by DeGolyer & MacNaughton (“D&M”), dated January 1, 2026, which includes the reserves of the Polvo and TBMT (Bravo) cluster, Frade and Wahoo (Valente) cluster, the Albacora Leste field and the Peregrino field.

Summary of reserves:

Summary of CAPEX associated with reserves:

Notes:
(1)      Does not include production-maintenance CAPEX.
(2)      Considers 100% CAPEX for drilling and completion of new wells. 
(3)      Amount referring to the project’s total CAPEX, with US$ 644 million already incurred as of December 31, 2025.
(4)      Capex information for the Peregrino field was not included in 2025, as PRIO was not the operator of the asset in the previous certification.

In the Frade field, one infill well was considered for 2026, and one of the wells previously included in the PDNP was reclassified to 1C. Additionally, the CAPEX per well was revised to reflect the current drilling cost expectations for the field as the project advanced to a higher level of definition.

In the Wahoo field, the certification was updated to incorporate the project’s latest schedule. Total CAPEX was also adjusted to US$ 870 million, reflecting the most up‑to‑date estimate following substantial progress in project execution.

In Albacora Leste, the 1P production curve was revised considering the current expectation for obtaining the environmental licenses required to begin the drilling campaign. In addition, one well previously included in the PUD was reclassified to 1C. The CAPEX per added barrel increased mainly due to the exclusion of the two hydrated wells that were reopened in 2025 and had lower CAPEX per added barrel.

In the Polvo and TBMT cluster, the new certification now incorporates the POL‑GY well in the Polvo field, which began production in 2025 and had not been included in the cluster’s reserves previously, contributing 2.3 million barrels. The 1P curve was also adjusted to reflect a lower decline rate for the field. Additionally, one producing well (Well B) was considered for 2026 and another producing well (Well A) is planned for 2027 in the Polvo field. Regarding CAPEX, the previous certification had included two workovers in Tubarão Martelo, which resulted in lower CAPEX per added barrel, since these interventions carry lower costs than drilling new wells.

Finally, in the Peregrino field, the certification was adjusted to reflect the OPEX reduction implemented by PRIO after assuming operation of the asset, which enabled the extension of the field’s useful life and added 19.3 million barrels to the 1P curve. Additionally, 29 million barrels were included relating to the reserves of the area of the field known as “isolated”, corresponding to the volume identified down to the LKO (Lowest Known Oil). The drilling planned for this year will enable the assessment of a potential volume increase in this area.

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