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Petro Rio Closed the Tubarao Martelo Field Acquisition

Source: www.gulfoilandgas.com 8/3/2020, Location: South America

Petro Rio SA, informs its shareholders and the market in general that, in addition the Material Fact of February 3, 2020, the National Petroleum Agency (“ANP”) granted, on this date, effectiveness to the amendments to the concession agreement in connection to the rights (“farm-in”) of in the Tubarao Martelo Field (“TBMT”). With this resolution, PetroRio is granted operatorship and an 80% stake in the field.

The acquisition produces significant synergies between Polvo and TBMT, as well as lifting cost reductions, and the extension of the useful life of both fields to 2035.

The farm-in will allow for the tieback between both fields, while simplifying the production system and creating a production cluster in the Campos Basin. The Company estimates that Polvo’s and TBMT’s combined Opex - which in 2019 exceeded US$ 200 million per year (US$ 100 million for Polvo + US$ 100 million for TBMT) - will be reduced to less than US$ 120 million per year, with PetroRio as the cluster’s new operator. After the tieback, the Company expects operating costs for the cluster to be further reduced to less than US$ 80 million, once all air, sea and land logistics synergies have been captured, and after the decommissioning of the FPSO currently chartered to Polvo.

Leading up to the tieback’s completion in mid-2021, PetroRio will own rights to 80% of TBMT’s oil and will be responsible for 100% of the FPSO’s charter, the Field’s Opex, Capex and abandonment costs. During this phase, the Company will be reimbursed by Dommo at a monthly fee of US$ 840 thousand

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