Update on the Frade Revitalization

Source: www.gulfoilandgas.com 5/8/2023, Location: South America

Petro Rio S.A. ("Company" or "PRIO") informs that, following the second phase of the revitalization of the Frade field, it has found evidence of oil in the Maracană prospect (3-PRIO-1-RJS well), which is located 6km southwest of Valente FPSO.

The primary target (Eocene sandstone), presented a column of 36 meters of oil, with 28% porosity rock and original initial pressure.

Evidence of oil was also found in the secondary target (Miocene sandstone) with 29% porosity.

Over the coming months, the Company will carry out further technical studies on both targets and may decide to drill one more extension well, in order to outline the area and consequently the volume (VOIP) of the targets.

If proven economically viable, these accumulations could lead to another development front in the Frade field.

PRIO will keep the market informed about new developments.

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