12 MONTHS QUARTERLY UPDATE FOR FINANCIAL PERIOD ENDED 30 SEPTEMBER 2022

30 Nov 2022 10:03 CET

22 November 2022 - Ping Petroleum UK PLC (“PPUK”) continues to be involved in
the joint operations of the Anasuria Cluster. During the period from October
2021 to September 2022, the Anasuria Cluster achieved production efficiency of
64% with an average daily production rate of 1,636 bopd (“barrels of oil per
day”). For the same period, a total of 637,214 barrels of oil were sold with an
average realised price of USD 97.3 per barrel. Average field OPEX during the
same period was at USD 26.3 per barrel of oil equivalent (“boe”).

During the period from July 2022 to September 2022 (Q1 FY2023), the Anasuria
Cluster achieved production efficiency of 53% with an average daily production
rate of 1,202 bopd. For the same period, a total of 143,728 barrels of oil were
sold with an average realised price of USD 97.1 per barrel. Average field OPEX
during the same period was at USD 35.1 per boe.

The operational performance for the period was impacted by a planned 2022
Offshore Turnaround which commenced on 17 June 2022 and completed on 17 July
2022. Additionally, the operational performance was also impacted severely by
the riser failure due to unavailability of the subsea component which occurred
after the 2021 Offshore Turnaround in April/May 2021. The riser failure had been
rectified on 27 September 2022 and the average production is expected to improve
thereafter.

PPUK continued to achieve healthy profit margins in Q1 FY2023 which recorded
gross profit and profit after tax amounting to USD 9.6 million (49% gross profit
margin) and USD 4.1 million (21% net profit margin) respectively due to higher
oil and gas prices.

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577025_20220930 - Consolidated 12 months Quarterly update for the financial period ended 30 September 2022.pdf
577025_20220930 - Unconsolidated 12 months Quarterly update for the financial period ended 30 September 2022.pdf