Azevedo & Travassos Energia (AZTE3) announced, on November 3, 2026, an operating plan with estimated investment of R$ 67.5 million between 2027 and 2029 to develop its reserves in the Potiguar Basin. The goal is to raise production from the current 50 barrels per day to about 800 barrels per day. The company presented the plan in light of the uncertainty over the outcome and timing of the lawsuit against Brava Energia, which unilaterally terminated, on the eve of closing, the contract for the sale of the Porto Carão and Barrinha Hubs.
Investments total about R$ 22.6 million in 2027, R$ 27.7 million in 2028 and R$ 17.2 million in 2029, in addition to approximately R$ 2.3 million planned for 2026, for well reactivation and stimulation. Of the R$ 67.5 million total, R$ 58.5 million is for development (well drilling, equipment and facilities) and R$ 9.0 million for maintenance.
The plan focuses on the proved and probable (2P) reserves of the company's 15 concessions in the onshore portion of the Potiguar Basin, which total about 3.0 million barrels, of which approximately 1.3 million barrels are proved undeveloped reserves. The plan calls for 18 wells: 6 existing wells to be restored, reactivated or stimulated, 10 new producing wells and 2 exploratory wells in Blocks POT-610 and POT-566. Execution will be carried out in phases, with initial activities in December 2026.
Management projects average production of 25 boe/day (barrels of oil equivalent per day) in 2026, 200 in 2027, 501 in 2028 and 799 in 2029. Estimated gross revenue is R$ 3.8 million in 2026, R$ 30.3 million in 2027, R$ 73.2 million in 2028 and R$ 112.5 million in 2029. Funds may come from operating cash generation, other sources of financing and/or future capital increases.
The company said it will begin publishing monthly reports on the progress of the plan, together with the Monthly Production Bulletin. The projections are estimates and results may differ, depending on factors such as drilling results, oil prices, exchange rates and the raising of the necessary funds.
