PetroRio Reveals Long-Term Financing With Prisma

(PetroRio, 21.Dec.2020) — PetroRio S.A., in accordance with best corporate governance practices and transparency, and in order to maintain informational equity in view of the possible share offering disclosed in the Material Fact of 15 December 2020, informs its shareholders and the market in general about recent events of the company.

The company signed an agreement with Prisma Capital for the conversion of the $100mn bridge loan into a long-term financing agreement, thus extending the dates of the debt amortizations.

The purpose of the financing was to provide part of the funds for the OSX-3 FPSO and Tubarão Martelo Field acquisitions, and had already foreseen this term extension, pending guarantee suitability and maintaining the same interest rate.

The long-term financing agreement maintains the principal outstanding and sets the amortizations in 4 equal tranches of $25mn in July 2021, January 2022, July 2022 and January 2023.

The Tubarão Martelo Field incorporation, approved by ANP in August 2020, was another important step in PetroRio’s strategy of acquisitions, cost rationalization and asset redevelopment. The next step for the cluster will be the tieback between Polvo and Tubarão Martelo Fields, which will take place in mid-2021, and will result in significant improvements of PetroRio’s operational costs.