Monday 28 June 2021

Petro Rio S.A. ("Company" or "PetroRio") (B3: PRIO3), in accordance with art. 26 of the Novo Mercado Regulation, informs its shareholders that the country’s National Petroleum, Gas and Biofuels Agency (“ANP”) has approved on this date the revised Development Plan of the Frade Field.

The new Development Plan allows the drilling of four production wells and three horizontal injection wells in the Frade Field. In this same decision, the ANP also authorized the immediate resumption of water injection in two existing injection wells, until the beginning of the new injection wells’ operation (or one year).

The first phase of the Frade Field drilling campaign includes the drilling of one production well and two injection wells, expected to start between 4Q21 and 1Q22. After the conclusion of this phase, the Company intends to initiate the Wahoo development.

The Company will keep the market informed of any material facts related to this subject.