PetroRio initiates second phase of its revitalisation plan for the Polvo field
Tuesday, Apr 10, 2018
PetroRio has initiated the second phase of its Revitalization Plan for the Polvo field. Having succeeded in Phase 1, which took place in 1Q2016, and which resulted in 20% increase in production and volumes of reserves of the field, the Company will now invest in Phase 2 of the Revitalization Plan. This phase involves drilling three new wells with initial Capex of USD 20MM and total Capex of approx. USD50MM, depending on the results obtained. The Company will keep the market informed over the period of the Campaign - which is estimated to last six months - and update the market in the case of commercial discoveries in the prospected wells.

The drilling campaign also considers secondary targets which will be used to examine reservoirs with high oil potential. The geological material will be collected, analyzed and after thoroughly studied by our technical team, be used for an eventual Phase 3 of the Revitalization Plan, to be carried out during 2019 depending on the results of the samples taken.

PetroRio is confident that this phase of the revitalization will yield good results and, depending on the results obtained, can potentially extend the useful life of Polvo for approx. 5 years (into 2026).

The Company will be using its drilling rig, which is part of the fixed platform in Polvo (Polvo-A). It is estimated that the costs of drilling in Polvo are 65% lower than those practiced by local peers, which in some cases must resort to leasing third party drilling rigs.

In light of the new investments in Polvo, PetroRio strengthens its position as an experienced player in Enhanced Oil Recovery, by seeking technical innovations, new technologies, increasing the recovery factor and consequently extending the useful life of mature fields.

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