May 13, 2021 Earnings Presentation 1Q21

May 13, 2021

Earnings

Presentation

1Q21

1Q21 Highlights



Strong cash position of R$1.8 billion



Total production of 1.05 million boe in 1Q21

,

equivalent to an average daily production of 11.7 kboe



Net loss of R$15.8 million in the quarter

, due to lower

operating income added to the negative exchange

variation impact on leasing liability balances (IFRS-16)



Approval of dividend payment amounting to

R$51 million,

equivalent to R$0.19 per share



EPS production resumed in February 2021



Second well back on May 7, combined

production reached 18.5 kbbl/day



ANP approval to take over 100% working

interest in the Field*.



Start of the bidding process for the FPSO

and other systems for the Full Development

System

First quarter marks the return to production and start of the bidding process

for Atlanta’s Full Development System

Strategic and Operational Advances

in Atlanta Field

5.7

3.2

7.9

10.4

9.4

11.4

12.6

7.0

3.5

2.3

17.1

15.8

14.9

13.9

11.7

1Q20

2Q20

3Q20

4Q20

1Q21

Enauta Daily Production (thousand boe)

Gas and Condensate Daily Production

Oil Daily Production

Atlanta

Production

Manati

Production

4.6

kbbl/d

-32%

Production

1Q21

-80.0%

y/y

22.8

kbbl/d

1Q20

+67.0%

y/y

3.3

MMm³/d

1Q21

2.0

MMm³/d

1Q20

Financial Results in 1Q21

69%

31%

Atlanta

Manati

1Q20

Breakdown of Net Revenue (%)

21%

79%

1Q21

Reduced oil production partially offset by gas recovery; quarter profits impacted by financial results;

margins positively impacted by reduced operating costs

191.0

129.5

_123.3

0.2

7.9

0.1

1Q20

4Q20

1Q21

EBITDAX

Exploratory Costs

+2.4pp

68.2%

1Q21

EBITDAX Margin

(%)

+5.2pp

230.4

76.8

56.7

59.9

110.1

124

1Q20

4Q20

1Q21

Atlanta

Manati

290.3

186.9

_180.7

123.4

137.4

191.2

Net Revenue

(R$ mm)

Operating Costs

(R$ mm)

EBITDAX

(R$ mm)

198.4

147.4

110.5

1Q20

4Q20

1Q21

-44.3%

R$ million

1Q21

1Q20

∆% Q/Q

Total Debt¹

202.6

240.9

-15.9%

Cash and Equivalents

1,787.3

1,866.9

-4.3%

Total Net Cash

1,584.6

1,626.0

-2.5%

Net Debt/EBITDAX

(2.2x)

(2.2x)

0.3x

Financial Strength and short-term Receivables

Capex Estimates:

Total 2021: US$ 40 MM

Total 2022: US$ 105 MM

Cash balance

on March 31

st

_,

2021

Receivables

Block BM-S-8

(after Unitization)

Receivables Manati*

(until end of 2021)

R$ 1.8 MM

US$ 144 MM

R$ 560 MM

* Deal subject to conditions precedent

¹ Company debt is comprised of financing raised with FINEP (Financing Agency for Studies and

Projects) and credit facilities from Banco do Nordeste do Brasil. Funds from FINEP are part of a

financing package aimed at supporting the development of the Atlanta Field EPS.

Atlanta Field

Resumption of production in February 2021 and return of the second well on May 7

; expected return of the third well in

July 2021.

Agreement to

take over 100% working interest in the Field;

transfer of the 50% interest previously held by Barra Energia

already authorized by CADE (Brazilian Antitrust Authority) and ANP. Definitive conclusion is conditioned to replacement

of warranties and signature of addendum to Concession Agreement.

Start of the bidding process for the platform

for the Full Development System:

FPSO with capacity for 50 kbbl/day, with 6 to 8 producing wells, 3 of which already in operation in the EPS

Adaptation of an existing FPSO (OSX-2), enabled by a 12-month exclusivity agreement, already signed by Enauta, with

an option of purchase by the winner at the end of the bidding process

Start of the bidding process

for the other subsea systems, special boats, and wells for the FDS in May and June

New oil sales agreement with Shell:

Signed on April 29

th

_{, 2021, effective from May 1}

st

_{, 2021}

Appreciation of Atlanta oil at a fixed discount of less than US$ 1 per barrel to Brent, including logistics costs

Considers the purchase of total Atlanta production throughout the end of 2022

Sergipe-Alagoas Basin

Exploratory Assets

The main short-term asset in Enauta’s exploratory portfolio

Highly prospective

assets

Environmental licensing request in progress; EIA/RIMA filed by the Operator with IBAMA

Drilling of the first exploratory well

planned for the

fourth quarter of 2021

Estimated CAPEX

of US$15M for 2021

Costs for drilling the first well estimated at US $ 8 million,

due to the term

negotiated as a result of the farm-out

process.

Growth opportunities

via M&A

Atlanta’s Full Development

System,

start of the FPSO and

other systems bidding process

Financial discipline, risk

management and

operational efficiency

,

with improvement of ESG

principles

Value generation

through

portfolio diversification and

dividend distribution

Our company is evolving

Evolving

company,

focused on growth

and sustainability

Rio de Janeiro

Av. Almirante Barroso n° 52,

sala 1301 | Centro

Rio de Janeiro – RJ | 20031 918

Tel.: 55 21 3509 5800

Salvador

Av. Antônio Carlos Magalhães n° 1034,

sala 353 | Pituba Parque Center

Itaigara | Salvador – BA | 41825 000

Tel.: 55 71 3351 6210

Rotterdam

Visiting Address: Beursplein 37, World Trade Center

Unit 601, 3011 AA Rotterdam

Tel.: 31 102619960 - F.: 31 102619962

Postal Address: Postbus 8540,

3009 AM, Rotterdam

Tel.: 31 0104215530 - F.: 31 0104210350

www.enauta.com.br

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