Petro Rio S A : RESERVES CERTIFICATION REPORT 2022 - D&M

DeGolyer and MacNaughton

5001 Spring Valley Road

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 is 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 and MacNaughton

5001 Spring Valley Road

Suite 800 East

Dallas, Texas 75244

REPORT as of JANUARY 1, 2022 on

RESERVES and REVENUE of

CERTAIN FIELDS in BRAZIL for PETRORIO S.A.

TABLE of CONTENTS

Page

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

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

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

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

GEOLOGY ........................................................................................................ 4

Frade Field ...................................................................................................... 4

Manati Field .................................................................................................... 4

Polvo Field ....................................................................................................... 5

Tubarão Martelo Field ..................................................................................... 7

Wahoo Field ..................................................................................................... 8

DEFINITION of RESERVES ......................................................................... 10

ESTIMATION of RESERVES ........................................................................ 13

Frade Field ..................................................................................................... 15

Manati Field ................................................................................................... 16

Polvo Field ...................................................................................................... 17

Tubarão Martelo Field .................................................................................... 18

Wahoo Field .................................................................................................... 19

VALUATION of RESERVES .......................................................................... 20

SUMMARY and CONCLUSIONS .................................................................. 25

TABLES

Table 1 - List of Fields Evaluated

Table 2 - Summary of Gross and Net Reserves

Table 3 - Summary of Future Net Revenue from Proved Developed

Producing Reserves

Table 4 - Summary of Future Net Revenue from Proved Developed

Reserves

Table 5 - Summary of Future Net Revenue from Total Proved Reserves Table 6 - Summary of Future Net Revenue from Proved-plus-Probable

Reserves

Table 7 - Summary of Future Net Revenue from

Proved-plus-Probable-plus-Possible Reserves

Table 8 - Projection of Future Net Revenue from Proved Developed

Producing Reserves, Frade Field

Table 9 - Projection of Future Net Revenue from Proved Developed

Reserves, Frade Field

Table 10 - Projection of Future Net Revenue from Total Proved Reserves,

Frade and Wahoo Fields

Table 11 - Projection of Future Net Revenue from Proved-plus-Probable

Reserves, Frade and Wahoo Fields

Table 12 - Projection of Future Net Revenue from

Proved-plus-Probable-plus-Possible Reserves, Frade and Wahoo Fields

TABLE of CONTENTS - (Continued)

TABLES - (Continued)

Table 13 - Projection of Future Net Revenue from Proved Developed

Producing Reserves, Manati Field

Table 14 - Projection of Future Net Revenue from Proved Developed

Reserves, Manati Field

Table 15 - Projection of Future Net Revenue from Total Proved Reserves,

Manati Field

Table 16 - Projection of Future Net Revenue from Proved-plus-Probable

Reserves, Manati Field

Table 17 - Projection of Future Net Revenue from Proved-plus-Probable-plus-Possible Reserves, Manati Field

Table 18 - Projection of Future Net Revenue from Proved Developed

Producing Reserves, Polvo and Tubarão Martelo Fields

Table 19 - Projection of Future Net Revenue from Proved Developed

Reserves, Polvo and Tubarão Fields

Table 20 - Projection of Future Net Revenue from Total Proved Reserves,

Polvo and Tubarão Fields

Table 21 - Projection of Future Net Revenue from Proved-plus-Probable

Reserves, Polvo and Tubarão Martelo Fields

Table 22 - Projection of Future Net Revenue from

Proved-plus-Probable-plus-Possible Reserves, Polvo and Tubarão Martelo Fields

FIGURES

Figure 1 - Location Map

DeGolyer and MacNaughton

5001 Spring Valley Road

Suite 800 East

Dallas, Texas 75244

REPORT as of JANUARY 1, 2022 on

RESERVES and REVENUE of

CERTAIN FIELDS in BRAZIL for PETRORIO S.A.

FOREWORD

Scope of Investigation

This report presents estimates, as of January 1, 2022, of the extent of the

proved, probable, and possible oil, condensate, and gas reserves and the value of the proved, proved-plus-probable, and proved-plus-probable-plus-possible reserves of the Frade, Manati, Polvo, Tubarão Martelo, and Wahoo fields in which PetroRio S.A. (PetroRio) has represented it holds an interest. PetroRio's working interest and the concession expiration date for each field are shown 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.

PetroRio has represented that it holds a 100-percent working interest in the Frade field, located in concession block FR, and a 10-percent working interest in the Manati field, located in concession block BCAM-40. PetroRio has also represented that it holds a net interest of 95 percent of the combined oil production from the Polvo and Tubarão Martelo fields. The