3R Petroleum Óleo e Gás S A : Recôncavo - March 2021

Suite 800 East Dallas, Texas 75244

This is a digital representation of a DeGolyer and MacNaughton report.

This file is intended to be a manifestation of certain data in the subject report and as such are subject to the same conditions thereof. The information and data contained in this file may be subject to misinterpretation; therefore, the signed and bound copy of this report should be considered the only authoritative source of such information.

DEGOLYER

MACNAUGHTON

F-716

TEXAS REGISTERED ENGINEERING FIRM

Suite 800 East Dallas, Texas 75244

REPORT as of DECEMBER 31, 2020 on

RESERVES and REVENUE of

CERTAIN FIELDS in the

RECÔNCAVO BASIN, BRAZIL for

3R PETROLEUM ÓLEO E GÁS S.A.

DeGolyer and MacNaughton

TABLE of CONTENTS

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Page

FOREWORD..............................................................................................................1

Scope of Investigation ..............................................................................................1

Authority .................................................................................................................. 3

Source of Information .............................................................................................. 3

DEFINITION of RESERVES ................................................................................. 4

ESTIMATION of RESERVES ................................................................................ 7

VALUATION of RESERVES ................................................................................ 10

SUMMARY and CONCLUSIONS ........................................................................ 15 TABLES

Table Table Table Table Table Table Table Table Table

• 1 - List of Fields Evaluated

• 2 - Summary of Net Reserves

• 3 - Projection of Net Reserves, Aratu Field

• 4 - Projection of Net Reserves, Cambacica Field

• 5 - Projection of Net Reserves, Candeias Field

• 6 - Projection of Net Reserves, Cexis Field

• 7 - Projection of Net Reserves, Dom João Field

• 8 - Projection of Net Reserves, Dom João Mar Field

• 9 - Projection of Net Reserves, Guanambi FieldTable 10 - Projection of Net Reserves, Ilha de Bimbarra FieldTable Table Table Table Table Table Table

11	-	Projection of Net Reserves, Mapele Field
12	-	Projection of Net Reserves, Massuí Field
13	-	Projection of Net Reserves, Pariri Field
14	-	Projection of Net Reserves, Socorro Field
15	-	Projection of Net Reserves, Socorro Extensão Field
16	-	Projection of Net Reserves, São Domingos Field

• 17 - Projection of Net Proved Developed Producing Reserves and Future

  Net Revenue, All Fields

  Table Table Table Table

• 18 - Projection of Net Proved Developed Reserves and Future Net

  Revenue, All Fields

• 19 - Projection of Net Total Proved Reserves and Future Net Revenue, All

  Fields

• 20 - Projection of Net Proved-plus-Probable Reserves and Future Net

  Revenue, All Fields

• 21 - Projection of Net Proved-plus-Probable-plus-Possible Reserves and

Future Net Revenue, All Fields

Suite 800 East Dallas, Texas 75244

REPORT as of DECEMBER 31, 2020 on

RESERVES and REVENUE of

CERTAIN FIELDS in the

RECÔNCAVO BASIN, BRAZIL for

3R PETROLEUM ÓLEO E GÁS S.A.

FOREWORD

Scope of Investigation

This report presents estimates, as of December 31, 2020, of the extent and value

of the proved, probable, and possible oil, natural gas liquids (NGL), and gas reserves of certain properties located in the Recôncavo Basin, Brazil. 3R Petroleum Óleo e Gás S.A. (3R Petroleum) has represented that it holds a working interest in the properties evaluated herein as presented in Table 1 of this report.

Estimates of reserves presented in this report have been prepared in accordance with the Petroleum Resources Management System (PRMS) approved in March 2007 and revised in June 2018 by the Society of Petroleum Engineers, the World Petroleum Council, the American Association of Petroleum Geologists, the Society of Petroleum Evaluation Engineers, the Society of Exploration Geophysicists, the Society of Petrophysicists and Well Log Analysts, and the European Association of Geoscientists & Engineers. These reserves definitions are discussed in detail in the Definition of Reserves section of this report.

Reserves estimated herein are gross reserves and net reserves. Gross reserves are defined as the total estimated petroleum remaining to be produced from these properties after December 31, 2020. Net reserves are defined as that portion of the gross reserves attributable to the interests held by