Brazilian oil and gas player Enauta has found oil in a new reservoir section at a well located on a field
development offshore Brazil.

Enauta disclosed on Tuesday, 23 May 2023, that it had confirmed oil in a new reservoir section, named Atlanta
NE accumulation, located within the Atlanta field area, which is currently under development. The accumulation
is located at a 2,644-metre depth, shallower than the reservoir under development.

The Brazilian player, which kicked off a three-well drilling campaign at the end of 2022, has now concluded the
drilling and logging of well 9-ATL-8DP, identifying oil with excellent petrophysical properties at a 57-metre section
(measured depth).

While Atlanta's NE oil was originally identified in the well 9-SHEL-19D-RJS, drilled in 2006, the new well aimed to
collect additional data from the accumulation simultaneously with the drilling of Atlanta's production well 7-ATL-
7HA-RJS, which is part of the six producing wells campaign of Atlanta's full development Phase 1.

According to Enauta's estimates, Atlanta's NE resources in place exceed 230 million barrels of oil, however, the
company will conduct additional studies for its full technical-economic potential, integration to the field's ongoing
development, and addition to certified oil reserves of 158.9 million barrels (2P Reserve), as of the 31 December
2022 report issued by Gaffney, Cline, and Associates.

Furthermore, the company bought the FPSO OSX-2 for Atlanta's Full Development System (FDS) last year. This
FPSO, known as the FPSO Atlanta, which will replace the FPSO Petrojarl I, is anticipated to be fully operational
by 2024. The FDS targets first oil by mid-2024 with a production capacity of 50,000 barrels of oil per day,
originally with six wells connected to the FPSO Atlanta, reaching ten wells in 2029.

The Atlanta field is operated by Enauta Energia, a wholly-owned subsidiary of the company, which also has a
100 per cent interest in this asset. Located in block BS-4 in the Santos Basin, at a 1,500-metre water depth, the
field has been producing since 2018 through an Early Production System (EPS) – comprising three wells
connected to the FPSO Petrojarl I.