3R Petroleum Óleo e Gás S A : Polo Rio Ventura - Março 2021

Reserves Statement Polo Río Ventura, 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: [phone]

March 15, 2021

Jorge Lorenzón

E&P Manager SPE 3R Petroleum

Praia de Botafogo 440, andar 13 Botafogo RJ

Rio de Janeiro [e-mail]

Dear Jorge,

Reserves Statement, Polo Río Ventura, 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 Polo Río Ventura cluster located onshore in the Potiguar Basin, state of Ceará, Brazil, as of December 31, 2020. The audit includes the following eight fields located within the Polo Río Ventura production cluster: Agua Grande, Bonsucesso, Pojuca, Río Pojuca, Pedrinhas, Tapiranga, Tapiranga Norte and Fazenda Alto das Pedras.

On August 21st, 2020 3R signed a Purchase-Sales Agreement (PSA) with Petrobras, former license holder, to acquire the 100% Participating Interest in the asset. Because of such PSA, 3R is the current owner of the production, paying for 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

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prices, cost information and property ownership interests as discussed in subsequent paragraphs of this report.

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 the development plan 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. 3R is planning to present this report to financial institutions. 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 using a reasonable oil price outlook as of December 31, 2020.

As requested, the cashflow presented does not include any signature fee (entry bonus payment) to grant access to the either the current concession or the extension of the current concession.

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 Total Reserves
as of December 31, 2020, Polo Río Ventura
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.
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.	Gas produced is 100% consumed in operations (CiO)
e.	All properties concession expiration date is August 30, 2025 with the exception of Tapiranga and Tapiranga
Norte, which expires in 2037. Tapiranga and Tapiranga Norte are shutin and without reserves.
f.	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.
g.	Totals may not exactly equal the sum of the individual entries because of rounding.

RESERVES	Gross (100%)	Gross (WI)	Net (NRI)
Field Volumes	Company Volumes	Company Volumes
Oil (MMbbl)	Gas (Bscf)	Oil (MMbbl)	Gas (Bscf)	Oil (MMbbl)	Gas (Bscf)
Proved	4.4	0.8	4.4	0.8	4.4	0.8
Developed
Undeveloped	9.5	7.7	9.5	7.7	9.5	7.7
Total Proved	14.0	8.5	14.0	8.5	14.0	8.5
Probable	8.2	6.8	8.2	6.8	8.2	6.8
Possible	10.0	7.3	10.0	7.3	10.0	7.3

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