Start of Production of New Well in Tubarap Martelo

Source: www.gulfoilandgas.com 8/18/2020, Location: South America

Petro Rio S.A, in addition to the Material Fact disclosed August 3, 2020, informs its shareholders and the Market in general of the results of the the Revitalization Campaign in the Tubarão Martelo Field (“Field”).

The Revitalization Campaign consists of a workover (replacement of submersible pump) in the TBMT-2HP well and the connection of a fifth producing well (TBMT-4HP) to PetroRio’s fully owned FPSO OSX-3.

In June 2020, Dommo Energia -then operator of TBMT - announced the positive results of the workover, which increased the Field’s production levels to approximately 7,000 barrels of oil per day.

Once the workover was completed, the connection of the TBMT-4HP was carried out which resulted an initial production of approximately 3,000 barrels per day, thus increasing the Field’s production to 10.000 barrels per day, or a 40% increase from previous levels.

The revitalization of mature fields is a fundamental part of PetroRio's strategy and plays an important role in the Company's continued reduction of lifting costs per barrel, in the continued increase in the recovery factor of fields operated by the Company, and in the continuous increase in the economic life of its assets.


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