Petro Rio S A : 3Q20 Conference Call

3Q20 Conference Call

November 4, 2020

DISCLAIMER

This presentation contains forward-looking statements. All statements other than statements of historical fact contained in this presentation are

forward-looking statements, including, without limitation, statements regarding our drilling and seismic plans, operating costs, acquisition of equipment, expectations of finding oil, the quality of oil we expect to produce and our other plans and objectives. Readers can identify many of these statements by looking for words such as "expects", "believe", "hope" and "will" and similar words or the negative thereof. Although Management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. We caution readers of this presentation not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.

The following risk factors could affect our operations: the contingent resource and prospective resource evaluation reports involving a significant degree

of uncertainty and being based on projections that may not prove to be accurate; inherent risks to the exploration and production of oil and natural gas; limited operating history as an oil and natural gas exploration and production company; drilling and other operational hazards; breakdown or failure of equipment or processes; contractor or operator errors; non-performance by third-party contractors; labour disputes, disruptions or declines in productivity; increases in materials or labour costs; inability to attract sufficient labour; requirements for significant capital investment and maintenance expenses which PetroRio may not be able to finance; cost overruns and delays; exposure to fluctuations in currency and commodity prices; political and economic conditions in Brazil; complex laws that can affect the cost, manner or feasibility of doing business; environmental, safety and health regulation which may become stricter in the future and lead to an increase in liabilities and capital expenditures, including indemnity and penalties for

environmental damage; early termination, non-renewal and other similar provisions in concession contracts; and competition. We caution that this list of

factors is not exhaustive and that, when relying on forward-looking statements to make decisions, investors and others should also carefully consider other uncertainties and potential events. The forward-looking statements herein are made based on the assumption that our plans and operations will not be affected by such risks, but that, if our plans and operations are affected by such risks, the forward-looking statements may become inaccurate.

The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement. The forward-looking statements included in this presentation are made as of the date of this presentation. Except as required by applicable securities laws, we do not undertake to update such forward-looking statements.

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HIGHLIGHTS FOR THE QUARTER

1	Focus on health and safety, aiming ate mitigating the risks of the spread of Covid-19, thereby reducing the impacts
on PetroRio's core businesses.

2	Beginning of operation in TBMT and resumption of the tieback project with Polvo, having invested US$ 8.7 million
	by end os September.

3 Combined offtakes totaling 2.4 million barrels, resulting in total net revenues of R$ 489 million for the quarter.

4	Offtakes contracted for 4 million barrels in 4Q20, all of which hedged at US$ 43.5. Q4 an all time record in volume sales.

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HIGHLIGHTS FOR THE QUARTER

5													Lifting Cost Reduction
																(US$/bbl)
										44,2
								40,1
													34,0
					32,0
	30,7		30,7													30,6
																	27,8
															26,6
																				23,9
																							22,9
																									19,7
																															17,3
																																		13,7
																																						12,8
	1Q17		2Q17		3Q17	4Q17	1Q18		2Q18	3Q18		4Q18	1Q19	2Q19			3Q19	4Q19	1Q20	2Q20	3Q20
		Increase in Production
										7							Decrease in Net Debt/EBITDA
6					(kboe/d)			29,330																(R$ billions)
																			1.84
23,437	+0.4%	23,533	+25%																						1.46
																											1.34
																							2.3x
																																	2.1x
																																									1.9x

1Q20

2Q20

3Q20

1Q20

2Q20

3Q20

4

Polvo

Manati

Frade

TBMT

Net Debt

Net Debt / Adj. EBITDA (ex-IFRS 16)