CORPORATE PRESENTATION

March 2021

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.

2

EXECUTIVE SUMMARY

The largest independent Oil and Gas producer in Brazil

  • PetroRio generates value in producing fields through cost reduction and production revitalization
  • Unparalleled expertise in redeveloping fields
  • Experienced technical team - Qualification as an A-Operator granted by
    ANP
  • Well positioned to attract capital (Expected drop in Net Debt/EBITDA after recent asset acquisition allows for leverage; Governance level "Novo Mercado"; Current debt cost: 6,5%)
  • Management extremely focused on capital discipline and improving operating costs
  • Great potential for synergies, which makes PetroRio more competitive when compared to peers

M&A Timeline

  • Unique M&A track-record with additional opportunities available on the market

Increase in Reserve Levels (MMboe)

Production Evolution (kboe/d)

+242

35.0

+167

276

+97

191

114

34

17

24

1P

2P

3P

3

D&M Dec-18

D&M Apr-20

EXECUTIVE SUMMARY

BAHIA

Treatment

MANATI

Station

Salvador

Compression

Station

Manati I

Platform

WAHOO

RIO DE JANEIRO

FPSO Frade

FRADE

POLVO

Polvo A

Fixed Platform

FPSO OSX-3

TUBARÃO MARTELO (TBMT)

4

Polo

Frade

Wahoo

Polvo + TBMT

Manati (1)

PetroRio

Operator

PetroRio

PetroRio

PetroRio

Petrobras

-

PetroRio's Working Interest

100%

64.3%

95%(2)

10%

-

PetroRio's owned production units

1 FPSO

-

1 FPSO + 1 fixed

-

2 FPSO

platform

1 fixed platform

1P Reserves (MMboe)

60.2

-

50.7

2.8

113.7

2P Reserves (MMboe)

92.3

-

95.4

3.0

190.7

Recoverable Oil Expectation (MMboe)(4)

-

140

-

-

140

Production (boe/d)(3)

17,200

-

Polvo: 9,500

2,200

35,600

TBMT: 6,700

CAPEX/new well

US$ 75 MM

US$ 15 to 20 MM

-

-

% vs. Total Production (3Q20)

48.3%

-

45.5%

6.2%

-

Water depth

1,300m

1,400m

100m

80m

-

Abandonment Forecast (1P)

2034

-

2035

2027

-

Notas: (1) Sale of Manati to Gas Bridge announced in Nov-2020 awaits conditions precedent; (2) Pre Tieback: 100% of Polvo + 80% of TBMT/Post Tieback: 95% of Polvo+TBMT Cluster; (3) Proportional to PetroRio's interest in asset (100% Frade; 100% Polvo; 80% TBMT; 10% Manati), Jan/2021 data; (4) Company expectation, it's not a reserve and doesn't have a certification

Oil asset

Gas asset

FRADE

POLVO

TUBARÃO MARTELO

MANATI

(TBMT)

ESG

Conducting businesses with environmental and social responsibility, safety and transparency

Health and Safety

Environment

In December

77% reduction in

Physical, mental

CO2 emissions

Lost Time

1% reduction in

2020, Frade Field

and emotional

Maintenance of

Incident Rate

per barrel

energy

reached 3,300

health programs

flare rates at

(2019 vs. 18)

produced

consumption

days with no

available for

Polvo and Frade

reduced by 5.4%

from 2019 to

accidents.

Zero accidents in

employees

from 2018 to

2020

2020

2020

Social

Governance

Sponsorship of

Instituto Reação

Listed on Novo

Gender diversity in

social activities

Teatro PetroRio

Majority of the

NGO: to promote

Mercado (highest

the Board of

that foster the

Online: to support

Board of Director

education and

governance)

Directors and

development and

children in need

is currently

human

&

decision-making

integration of

through theatre

composed by

development

63% of

positions &

youth in

activities

independent

through sports

employees are

Infomoney Award

economic

members

and culture

shareholders

Best Oil and Gas

vulnerability

Company

5

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

  • Original document
  • Permalink

Disclaimer

Petro Rio SA published this content on 06 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 April 2021 21:49:06 UTC.