12 MONTHS QUARTERLY UPDATE FOR FINANCIAL PERIOD ENDED 31 DECEMBER 2022

27 Feb 2023 09:01 CET

24 February 2023 - Ping Petroleum UK PLC (“PPUK”) continues to be involved in
the joint operations of the Anasuria Cluster. During the period from January
2022 to December 2022, the Anasuria Cluster achieved an average production
efficiency of 69% with an average daily production rate of 1,815 bopd (“barrels
of oil per day”). For the same period, a total of 658,473 barrels of oil were
sold with an average realised price of USD 107.5 per barrel. Average field OPEX
during the same period was at USD 24.6 per barrel of oil equivalent (“boe”).

During the period from October 2022 to December 2022 (Q1 FY2023), the Anasuria
Cluster achieved production efficiency of 92% with an average daily production
rate of 2,699 bopd. For the same period, a total of 185,869 barrels of oil were
sold with an average realised price of USD 82.6 per barrel. Average field OPEX
during the same period was at USD 15.8 per boe.

The operational performance for the period has improved upon riser reinstatement
completed on 27 September 2022. Furthermore, scale squeeze and dissolver was
successfully completed in November 2022.

PPUK continued to achieve healthy profit margins in Q2 FY2023 which recorded
gross profit and profit after tax amounting to USD 17.2 million (80% gross
profit margin) and USD 9.1 million (42% net profit margin) respectively due to
higher oil and gas prices.

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583609_20221231 - Unconsolidated 12 months Quarterly update for the financial period ended 31 December 2022.pdf
583609_20221231 - Consolidated 12 months Quarterly update for the financial period ended 31 December 2022.pdf
583609_20221231 - PPUK - Financial Statements - Leverage Ratio.pdf