Acquisition of Interest in Itaipu Field

Source: www.gulfoilandgas.com 9/26/2022, Location: South America

Petro Rio S.A., in addition to the Material Fact of November 19, 2020, informs its shareholders and the market in general of the signing of an agreement with Total Energies E&P Brasil Ltda. for the acquisition of a 40% interest in the BM-C-32 Block (“Itaipu Field” or “Itaipu”).

Together with the 60% interest in Itaipu acquired from BP Energy do Brasil Ltda, on 06/17/2021, this transaction will bring PRIO’s interest to 100% of the concession after the acquisition is concluded, subject to conditions precedent.

The amount to be paid is of US$ 75.000 (seventy-five thousand dollars) upon closing of the acquisition, and another US$ 26,925,000 (twenty-six million nine hundred and twenty-five thousand dollars) will be paid after Itaipu's destination is defined.

Itaipu was discovered in 2009 in the BM-C-32 block, in the pre-salt of Campos basin, where 3 wells were drilled to evaluate the reservoir and a formation test was performed in the discovery well, which revealed good productivity and light oil of 31º API. The block is adjacent to the Parque das Baleias cluster and near the Wahoo Field, in deep waters (1,300m) and 120km off the Espírito Santo coast. Preliminary studies performed by PRIO indicate that the accumulation is potentially shared with the southeastern region of the adjacent cluster.


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