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PetroRio Announces the Acquisition of Interest in the Wahoo and Itaipu Fields

November 19, 2020 GMT

RIO DE JANEIRO--(BUSINESS WIRE)--Nov 19, 2020--

Petro Rio S.A. (the “Company” or “PetroRio”) (B3: PRIO3), following best corporate governance practices, informs its shareholders and the market in general the signing of an agreement with BP Energy do Brasil Ltda. for the acquisition of interests of 35.7% in the BM-C-30 Block (“Wahoo” or “Wahoo Field”) and 60% in the BM-C-32 Block (“Itaipu” or “Itaipu Field”), thus, subject to the necessary approvals, becoming the operator of both pre-salt fields.

Wahoo, with production potential of over 140 million barrels (100% of Wahoo), had oil discoveries in 2008 and carried out formation tests in 2010, and fits precisely in the Company’s value generation strategy. The Wahoo development will allow the Company to create another production cluster, which will share all infrastructure with Frade Field (including the FPSO), enabling the capture of synergies, resulting in significant and sustainable lifting cost reduction, while maintaining high levels of safety and efficiency.

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View source version on businesswire.com:https://www.businesswire.com/news/home/20201119005588/en/

CONTACT: Jose Gustavo Costa

ri@petroriosa.com.br

KEYWORD: IRELAND UNITED KINGDOM EUROPE BRAZIL SOUTH AMERICA

INDUSTRY KEYWORD: ENERGY PROFESSIONAL SERVICES OIL/GAS FINANCE

SOURCE: Petro Rio S.A.

Copyright Business Wire 2020.

PUB: 11/19/2020 05:17 AM/DISC: 11/19/2020 05:17 AM

http://www.businesswire.com/news/home/20201119005588/en