Petro Rio S.A. Announces Reserves Certification

Source: 5/4/2022, Location: South America

Petro Rio S.A. (“Companhia” 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, 2022, including the Polvo, Tubarão Martelo, Frade, Wahoo and Manati Fields reserves.

Te main development occurred in Wahoo, which had all contingent resources (1C) reclassified to reserves (1P), after the Declaration of Commerciality, in December 2021. As a result, Wahoo currently has 1P reserves of 126.0 MMbbl (81.0 MMbbl for the 64.3% interest held by the Company). The charts below present the reserves according to the new report.

For the Polvo + TBMT cluster, the 2022 certification includes the drilling of two new producing wells in 1P and 2 further producing wells in 2P. Considering Frade + Wahoo, 1P comprises the drilling of 10 wells (4 producing wells in Frade and 4 producing and 2 injection wells in Wahoo), already provided for in the Frade and Wahoo Development Plans.

With regards to the Frade Field, it is important to highlight that the increase in the recovery factor due to water injection is included in the 2P reserves, since the environmental license to start the drilling of the injection wells was approved after the cut-off date of the reserves certification report:

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