Petro Rio to Seek M&A

Prio SA, formerly Petro Rio SA is a Brazil-based holding company. It operates through its subsidiaries and specializes in efficient reservoir management and redevelopment of mature fields. The Company's main strategy is the acquisition of oil and gas fields, usually from large oil companies, and the creation of value through cost rationalization as well as efficiency and meticulous management of reservoirs. Prio SA’s assets include The Tubarao Martelo Field that produces approximately 10,000 barrels of oil per day through six wells interconnected to FPSO Bravo as well as Wahoo, an exploratory block in the Campos Basin with the potential to produce more than 125 million barrels in the pre-salt. The Company has several subsidiaries, such as Petro Rio O&G Exploracao e Producao de Petroleo Ltda and PRIO Bravo Ltda.