Reserves Statement

Peroá, Cangoá & Malombe Fields, Brazil, as of December 31, 2020

Prepared for

SPE 3R Petroleum

March 15, 2021

Gaffney, Cline & Associates, Inc.

Av. Juana Manso 205, 4th Floor

Dock 4, Puerto Madero C1007CBE - Buenos Aires, AR

Tel: 5411 3378 6497

March 15, 2021

Jorge Lorenzón

E&P Manager SPE 3R Petroleum

Praia de Botafogo 440, andar 13

Botafogo RJ

Rio de Janeiro Braziljorge.lorenzon@3rpetroleum.com.br

Dear Jorge,

Reserves Statement, Peroá, Cangoá & Malombe Fields, Brazil, as of December 31, 2020

Introduction

At the request of SPE 3R Petroleum (3R or "the Client"), Gaffney, Cline & Associates

(GaffneyCline) has performed a Reserves audit of the Peroá, Cangoá and Malombe fields located offshore in the Espíritu Santo Basin, Brazil, as of December 31, 2020, in which 3R has presented it holds a working interest of 50%.

On February 1, 2021 3R signed a Purchase-Sales Agreement (PSA) with Petrobras, former license holder, to acquire the 50% Participating Interest in the asset with effective date January 31, 2020. DBO Energy holds the other 50% working interest. Because of such PSA, 3R is the current owner of the 50% of the production, paying for the participation in all the operating and capital costs of the future development plan. 3R access to the concession has been approved by the ANP (Agencia Nacional do Petróleo, Gás Natural e Biocombustíveis). To the date is pending only the formalization of the signatures.

Based on the analysis performed, the reserves volumes quoted in this report can be ascribed and classified as 3R's Reserves since the proposed development plan is technically feasible, cash flows are positive under reasonable forecasted conditions, and there is a reasonable expectation that the legal rights to the current and the extended concession will receive the ANP final signatures in the short term. Current concession is expiring August 30, 2025, and the extension will be for another 27 years.

For the purposes of this report GaffneyCline used technical and economic data specified by 3R including, but not limited to well logs, geologic maps, well test and production data, historical prices, cost information and property ownership interests as discussed in subsequent paragraphs of this report.

AG/EES/AR-21-2000.

SPE 3R Petroleum

www.gaffneycline.com

In addition to these assumptions, our estimates are based on certain assumptions including, but not limited to, that the properties will be developed consistently with development plans as provided to us by 3R.

This report relates specifically and solely to the subject matter as defined in the scope of work (SOW), as set out herein, and is conditional upon the specified assumptions. In addition to 3R internal use, this report or sections therefrom are intended for release to financial institutions or in connection with 3R public market related filings. GaffneyCline will provide consent letter for these presentations at request of the Client. This report must be considered in its entirety and must only be used for the purpose for which it is intended.

In compliance with your instructions, we estimated in Appendix I, the future net cash flow based on the reserves volumes quoted and using a reasonable oil price outlook as of December 31, 2020. As requested, the cash flows presented does not include any signature fee (entry bonus) payment associated with the concession extension.

The estimates in this report have been prepared in accordance with the definitions and guidelines set forth in the June 2018 v1.01 Petroleum Resources Management System (PRMS) presented in Appendix II. In Appendix III is a list of abbreviations used in this report.

Summary and Conclusions

On the basis of technical and other information made available to GaffneyCline concerning these property units, as requested by 3R GaffneyCline provides the Reserves statement in the following table.

Table 1: Statement of Reserves

as of December 31, 2020, Peroá, Cangoá & Malombe Fields

Notes:

a.

Gross (100%) Field volumes represents 100% of the volumes estimated to be commercially recoverable from

the concession under the intended development plan.

b.

Gross (WI) Company Volumes represent 3R's participation working interest of the volumes estimated to be

commercially recoverable under the intended development plan.

c.

Net (NRI) Company Volumes represent 3R´s net entitlement volumes reduced by royalties paid to the State.

Royalties are paid in cash and not subject to an "in kind" payment, therefore net volumes have not been

reduced in consideration of royalties.

d.

Property concession expiration date is August 30, 2025.

e.

It is assumed that the ANP will grant the extension of the concession for a period up to 27 years, and 3R will

carry out the intended development plan.

f.

Totals may not exactly equal the sum of the individual entries due to rounding.

Reserves

Gross (100%) Field Volumes

Gross (WI) Company Volumes

Net (NRI) Company Volumes

Liquids (MMbbl)

Gas (Bscf)

Liquids (MMbbl)

Gas (Bscf)

Liquids (MMbbl)

Gas (Bscf)

Proved Developed Undeveloped

0.4

0.0

50.5

67.8

0.2

0.0

25.3

33.9

0.2

0.0

25.3

33.9

Total Proved

0.4

118.3

0.2

59.2

0.2

59.2

Probable

0.1

13.0

0.0

6.5

0.0

6.5

Possible

0.1

19.6

0.1

9.8

0.1

9.8

It is GaffneyCline's opinion that the estimates of the Reserves as of December 31, 2020 shown in Table 1 are reasonable, and the classification and categorization is appropriate and consistent with the assumed definitions and guidelines.

GaffneyCline concludes that the derivation of the volume estimates are appropriate, and the quality of the data relied on, the depth and thoroughness of the estimation process, are adequate for the project scope.

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3R Petroleum Oleo e Gas SA published this content on 17 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 10:33:16 UTC.