Brazilian oil and gas company PRIO, formerly known as PetroRio, has kicked off production nearly a year ahead
of schedule from a well located at a field within the Northern Campos Basin off the coast of Brazil.

As part of PRIO's plans to create a production cluster through the tie-back between the Wahoo and Frade fields,
a development plan was submitted to the National Petroleum Agency, Natural Gas and Biofuels (ANP) in
December 2021.

Several months later, in April 2022, the firm confirmed the receipt of the operating licence, issued by the Brazilian
Institute of the Environment and Renewable Natural Resources (Ibama), for the drilling of new wells on the Frade
field.

According to PRIO, it has now brought on stream the ODP5 (F23P3) well in the Frade field, with stabilised initial
production of approximately 8,000 barrels of oil per day. This helped the company to exceed the milestone of
100,000 barrels per day of production.

During the execution of the Frade revitalisation campaign, geological information was collected, which serves as
a base to enable the realisation of a third phase of the redevelopment campaign, whose next steps are still under
analysis, says PRIO.

The company further adds that the ODP5 well is the first well in this new phase, almost one year ahead of
schedule, with costs in line with previous wells for its construction and subsea connection. It is positioned in the
same reservoir as the ODP4 well, the first producing well of the campaign.

Ocyan's semi-submersible Norbe VI rig, which PRIO hired in 2021 for the Frade field revitalisation campaign and
the Wahoo field development, mobilised in April 2022 to start working on its drilling assignment.

After the first well was drilled, PRIO revealed in July 2022 that it had started production at the ODP4 well in the
Frade field. In August 2022, the Brazilian firm confirmed the start of production from the second well in this
revitalisation campaign, with average initial production of approximately 3,500 barrels of oil per day over the first
week.

The Frade field is a subsea development with wells tied back to the FPSO Valente. PRIO owns a 100 per cent
interest in the Frade field following deals with Petrobras and Chevron in January 2021 and March 2019,
respectively.

PRIO is working on expanding its portfolio, as demonstrated by its acquisition of TotalEnergies' interest in the
BM-C-32 block, containing the Itaipu field, offshore Brazil, enabling it to take full ownership of the field.

In addition, the firm paid almost $2 billion in total for the acquisition of Petrobras' entire stake in Albacora Leste
deepwater field off Brazil, enabling it to take over the operatorship of the field.