PRIO has signed a contract with Gas Bridge Storage S.A. for the sale of its 10% stake in the Manati field.

The total value of the transaction is R$124 million, 10% of which is paid upon signature, and the remainder upon completion of the transaction. Completion is subject to the usual conditions precedent, such as approval by CADE and ANP. Unlike the previous transaction, signed on 11/05/2017 and which was not concluded, this one does not depend on any transaction of the counterparty with other consortium members. The effective date of sale is December 1, 2022.

The stake in the Manati Field was acquired in 2017, for R$140 million, has generated R$350 million of cash to date and, upon completion of the transaction, will have returned 3.4 times the invested capital.

This move is part of the Company's value creation strategy through dynamic management of its asset portfolio, and reinforces PRIO's focus on the operated assets that make up the core of its business.