Prio (PRIO3) Investor Presentation summary

Asset overview and acquisition details

• Peregrino asset in the Campos Basin includes BM-C-7 and BM-C-47 blocks, with three fixed platforms and one FPSO.

• Remaining reserves as of Jan 2024 are 338 MMbbl, with accumulated production of 253 MMbbl.

• Acquisition effective date is 01/01/2024, with a 40% stake acquired.

• Accumulated tax loss of $620 million is associated with the asset.

• Transaction subject to right to match (30 days) and CADE approval (60 days).

Strategic rationale and financial impact

• Internal rate of return expected above 20% (real, unlevered, in USD).

• Production to increase by 42% and reserves by 22% (1P+1C) YTD Aug 2024.

• Phase II development completed, with low future CAPEX requirements.

• Immediate cash flow generation with no negative financial exposure.

• Leverage capped at 1.2x Net Debt/EBITDA.

Infrastructure and operations

• FPSO oil processing capacity is 110 kbbl/d, water processing 300 kbbl/d, with 140 POB.

• All wells connected to fixed platforms with dry Christmas trees, oil transferred to FPSO via seabed flowlines.

• Platforms A, B, and C each have 30 slots; as of June 2024, 26 producer and 6 injector wells are active.

• Oil is exported using heated Aframax and Suezmax tankers.

• Distance to TBMT cluster is 28 km.