Petro Rio Announces Share Buyback Program

Source: www.gulfoilandgas.com 10/3/2022, Location: South America

Petro Rio S.A. informs that the Board of Directors approved the acquisition of up to 5.43% of the total shares issued by PRIO ("Share Buyback Program").

The Share Buyback may occur in one or more operations, and PRIO's Board of Directors will define the volumes in due course, considering the following conditions:
1. Amount of shares to be purchased: PRIO will be able to purchase up to 46,009,700 ordinary shares issued by the Company (5.43% of PRIO's total shares).
2. Deadline: Purchases may be carried for the maximum period of eighteen (18) months until March 30, 2024.
3. Price: The shares issued by the Company will be purchased at market price, on the trading session of B3 S.A. – Brasil, Bolsa, Balcão.
4. Amount of outstanding shares: On this date, there are 847,624,695 outstanding common shares issued by the Company and 38,752,770 common shares issued by the Company held in PRIO's treasury.
5. Financial Institutions: The purchase of the Company's shares will be intermediated by BTG Pactual CTVM S.A, Planner Corretora de Valores S.A., XP Investimentos Corretora de Câmbio, Títulos e Valores Mobiliários S.A. and Santander Corretora de Cambio e Valores Mobiliarios S/A.

If the Buyback Program is fully executed, PRIO will hold 10% of the capital stock in treasury.

Further information regarding the Shares Buyback Program, required under the terms of Annex G of CVM’s Resolution 80/22, were provided as an attachment to the minutes of the Board of Directors’ meeting that approved the Shares Buyback Program, available on the Company's website (https://ri.prio3.com.br/), CVM’s (http://sistemas.cvm.gov.br/) and B3’s (http://b3.com.br/) on the world wide web.


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