BRAVA ENERGIA (“BRAVA”), hereby informs its investors and the market in general of the preliminary and unaudited production data for October 2024.
(1) Papa-Terra: On April 16, 2024, 3R Offshore exercised, in accordance with the provisions of the Joint Operating Agreement (JOA), the right of compulsory assignment (forfeiture) of the 37.5% undivided interest held by Nova Técnica Energy Ltda. (NTE) in the consortium, due to NTE's default on financial obligations. Following the exercise of forfeiture, NTE initiated arbitration proceedings questioning the application of the compulsory assignment clause provided in the JOA and filed pre-arbitral precautionary proceedings before the Court of Justice of Rio de Janeiro, where an injunction was granted, ordering the suspension of the process before the ANP until the arbitral decision is rendered. 3R Offshore appealed the decision and awaits the formation of the Arbitral Court. (2) On September 26, 2024, the Company completed the transaction to sell 20% of Atlanta to Westlawn Americas Offshore LLC, reducing its stake in the asset to 80%. (3) In October 2024, approximately 24% of the gas produced in the Recôncavo Complex was reinjected into reservoirs.
Atlanta – FPSO Atlanta inspection scheduled by ANP and Petrojarl decommissioning initiated
As part of the production transfer to the FPSO Atlanta (Definitive System), well #4 was disconnected early October, explaining the average production reduction. At the end of the month, production through the FPSO Petrojarl ceased and well #5 was closed, initiating the unit's decommissioning process.
On the regulatory front, ANP scheduled the measurement system inspection for the FPSO Atlanta in the last week of November 2024. The Company plans to complete the submission of other conditions required by ANP for the start of operations of the FPSO Atlanta by the end of November.
Papa-Terra – Integrity maintenance campaign ongoing
On October 18, 2024, ANP authorized an increase in the number of people on board of the floating units (FPSO and TLWP) and granted authorization for the operation of the rig installed on the TLWP. Since then, maintenance and integrity recovery activities have been intensified, with production resumption still expected in December 2024. Additionally, with the rig's approval, the workover for pump replacement on well PPT-051 has resumed.
Parque das Conchas – Acquisition in final approval stage
The Company signed an agreement to acquire a 23% stake in the asset held by QatarEnergy Brasil Ltda., effective as of July 2023. The transaction is subject to precedent conditions and is currently in the final approval stage. The average production for the asset in 2024, corresponding to the acquired stake, was 6.1 thousand boe/day.
Manati – Production resumption updated to 1Q25 by Operator.
