Tuesday 30 October 2018

Petro Rio S.A., following best practices of corporate governance, hereby informs the execution of a Share Purchase Agreement for the acquisition of FRADE JAPÃO PETRÓLEO LIMITADA, a limited liability company holding 18.26% working interest in the Frade Field.

The acquisition is the result of a competitive process and increases Company net production in approximately 25% of boed, as well as 150% in oil reserves. The conclusion of the acquisition is subject to certain conditions precedent as well as internal and external approvals.

The execution of this agreement reaffirms, once again, PetroRio’s strategy of growth through acquisitions of producing assets, as well as representing a diversification of its portfolio of revenue generating assets.