Brava Energia rises 1.72% on Papa-Terra field progress

Brava Energia shares rose on Tuesday, September 22, ranking among the top gainers on the Ibovespa index after the company announced progress at its Papa-Terra offshore field. Around 12:31 p.m., the oil company's shares traded up 1.72% at R$ 17.70.

Chief Operating Officer Carlos Travassos stated on Monday, September 21, that PPT-52, the first of two new wells at Papa-Terra, has been drilled, completed, and connected to the FPSO, which is currently undergoing topside commissioning. The second well, PPT-53, completed horizontal drilling and began its completion phase.

Both wells are scheduled to begin production in the second half of 2026, remaining on schedule and within budget despite a minor delay in the arrival of the Lone Star rig from Constellation. The rig will later move to the Atlanta field. Analyst firm Bradesco BBI noted that this operational progress reduces risks to Brava's second-half production growth estimates.

Regarding Ecopetrol, Brava's new controlling shareholder, Travassos said strategic changes have not yet been defined but could emerge in coming weeks or months. He added that the Colombian company's entry should strengthen Brava's governance and onshore operations.