RIO DE JANEIRO, BRAZIL (By Brava, 3.Oct.2025, Words: 471) — With the Sep. 2025 preliminary and unaudited production data results, Brava Energia achieved an average daily production of 91.8 thousand boe in the third quarter of 2025 (3Q25), an increase of 7% when compared to the previous quarter, renewing its quarterly production record in both the onshore and offshore segments.
Atlanta – in Aug., the company began a phase of operational adjustments and equipment commissioning on the FPSO Atlanta, with completion scheduled for Oct. There is no need for a production halt for this phase, which is being executed according to plan and is intended to support the production increase during 4Q25.
Papa-Terra – production at the asset will be halted for up to 12 days to carry out scheduled maintenance during the month of Nov.
Pq. das Conchas (BC-10) – the company was informed by the operator that the asset’s production will be halted for up to 21 days to carry out scheduled maintenance during the month of November.
Brava operates the Potiguar, Recôncavo, Papa-Terra, Atlanta, and Peroá Clusters, and holds a non-operated stake of 35% in Pescada, a 45% stake in the Manati Field, both operated by Petrobras, and a 23% stake in Parque das Conchas, operated by Shell.
(1) on 16 Apr., 2024, 3R Offshore, based on the Joint Operating Agreement, exercised the right to compulsory assignment (“forfeiture”) of Nova Tecnica Energy Ltda.’s (“NTE”) undivided 37.5% stake in the consortium due to NTE’s financial default. Following the forfeiture, NTE initiated arbitration proceedings on 3 May 2024 (“Arbitration”). In parallel with the Arbitration, on 19 Jul. 2024, NTE obtained a preliminary injunction from the Rio de Janeiro Court of Justice suspending the ANP‘s approval process for the transfer of its stake initiated by 3R Offshore until a decision by the Arbitration Tribunal, established in March 2025. On 18 Jul. 2025, the Arbitration Tribunal issued a provisional decision ordering NTE to pay the consortium’s expenses in proportion to its original stake, pending a final decision in the Arbitration. As determined by the Arbitration Tribunal, if NTE fails to pay these expenses, the contractually stipulated penalties will apply. If the outstanding amounts are paid in full, NTE’s rights in the consortium will be reinstated until a final decision by the arbitration tribunal on the disputed issues, including the validity of the forfeiture exercised by 3R Offshore.
(2) in Sep. 2025, ~26% of the gas produced in Recôncavo was reinjected.
(3) the National Agency of Petroleum, Natural Gas and Biofuels (“ANP”) approved the Production Individualization Agreement (“AIP”) for the Jubarte pre-salt shared field, effective 1 Aug. Under the AIP, the Parque das Conchas consortium (BC-10) holds a 0.86% stake in the field, while Brava holds a 23% stake in the BC-10 concession. Since Aug. 2025, the production from the company’s stake in Jubarte has been incorporated into BC-10 production.
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