Petro Rio Announces Initiation of Arbitration

Source: www.gulfoilandgas.com 2/14/2022, Location: South America

Petro Rio S.A., following best corporate governance practices, informs its shareholders and the market in general that its partner IBV Brasil Petróleo Ltda. notified the Company of the start of arbitration proceedings.

The next steps are the creation of an arbitration panel and the filing of a counter-claim.

The initiation of the arbitration does not prevent the Company from continuing with all the necessary measures to develop the asset within the expected timeline, as well as performing any activities required to approve the Development Plan, already filed at ANP.

PetroRio reinforces that it will continue acting in its shareholders’ best interests and remains committed to the development of the discovery in the Wahoo Field within the expected schedule.


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