BRAVA reported the January/2025 production figures:

1) Papa-Terra: On April 16, 2024, 3R Offshore exercised, in accordance with the provisions of the Joint Operating Agreement (JOA), the right of compulsory assignment (forfeiture) of the 37.5% undivided stake held by Nova Técnica Energy Ltda. (NTE) in the consortium, due to NTE’s non-compliance with its financial obligations. Following the forfeiture, NTE initiated arbitration proceedings challenging the application of the compulsory assignment (provided for in the JOA) and requesting a preliminary injunction from the Rio de Janeiro State Supreme Court, which granted a temporary suspension of the legal process before the ANP, until an arbitration decision is issued. 3R Offshore has appealed the decision and awaits the constitution of the arbitration tribunal; 2) The company completed the sale of a 20% stake in Atlanta to Westlawn Americas Offshore LLC, on September 26, 2024, retaining an 80% holding in the asset; 3) In January/2025, approximately 30% of the gas produced in Recôncavo was reinjected into the reservoirs; 4) The company completed the acquisition of a 23% stake in Parque das Conchas, from QatarEnergy Brasil Ltda., on December 30, 2024.

Potiguar Complex 

January’s fiscal actuation of the production was partly affected by ATI distribution restrictions and maintenance at the Clara Camarão Refinery at the end of the month (completed in early February). The production accumulated prior to the fiscal actuation of the Potiguar and Macau fields will be distributed in February.

Recôncavo Complex

Gas production was affected by scheduled maintenance downtime at the Catu UPGN (operated by Petrobras) and power supply instability in the region, caused by heavy rain.

Atlanta – Production began from the new wells 6H and 7H

The first oil from the FPSO Atlanta was produced on December 31, 2024. Production from new wells 6H and 7H (located in a new area of the reservoir) got underway, confirming the conceptual and developmental success of the project. The multiphase pumps are operating as planned and the FPSO Atlanta’s operational efficiency is exceeding the expectations for a start-up and testing phase.

The average production in the last 7 days was approximately 23,000 barrels/day of oil and 168,000 m³/day of gas (100% of the asset), which is in alignment with the company´s expectations.  The remaining four wells are still to be connected to the new FPSO and were previously produced using the FPSO Petrojarl I (the decommissioning of the unit in relation to the company scope was completed in January).

Papa-Terra – Production resumed in December and undergoing optimization

Production resumed on December 30, 2024, with gradual reopening of the wells in early January. The replacement of a submersible centrifugal pump (BCS), at well PPT-51 (the most productive well at this asset), was also completed in January.

Currently, although the production from the connected wells is close to 20,000 barrels/day capacity, the company is seeking to overcome processing and gas use constraints to optimize production over the course of 2025. The average production in the last 7-days was approximately 14,300 barrels/day of oil and 115,000 m³/day of gas (100% of the asset).

Manati

The latest forecast by the operator is for production to resume in March 2025.