PetroRio started production at the POL-L well, and verified an initial flow of more than 2,500 barrels per day, which represents an increase of almost 30% in the production of the Polvo Field, which returned to a daily production close to 11,000 barrels. per day in the first days of production of the well.

This production volume will allow the lifting cost to be reduced to levels below $ 26 per barrel for Octopus, and below $ 18 per barrel for the Company, considering Frade's 70% share in the coming months, and without considering additional synergies being studied with the Tubarão Martelo tieback.

The Company's reserves were also positively impacted by the success of the campaign. PetroRio estimates that the POL-L well can add up to 3 million barrels of recoverable oil and the total cost of the 3rd Phase of the Octopus Revitalization Campaign was approximately US $ 20 million.

PetroRio understands that the successful production of this first reservoir of geological age in the Eocene opens a new development frontier, both in Polvo and Tubarão Martelo, for prospects of similar characteristics. The Company extends its satisfaction with the results achieved, within what was planned and believes that the success of this campaign is the result of the work of its teams.