12 MONTHS QUARTERLY UPDATE FOR FINANCIAL PERIOD ENDED 31 MARCH 2024

31 May 2024 09:27 CEST

31 May 2024 - Ping Petroleum UK PLC (“PPUK”) continues to be involved in the
joint operations of the Anasuria Cluster. During the period from March 2023 to
March 2024, the Anasuria Cluster achieved an average production efficiency of
90% with an average daily production rate of 2,092 bopd (“barrels of oil per
day”). For the same period, a total of 781,723 barrels of oil were sold, with an
average realised price of USD 85.4 per barrel. The average field OPEX during the
same period was USD 22.0 per barrel of oil equivalent (“boe”).

During the period from January to March 2024 (Q1 FY2024), the Anasuria Cluster
achieved production efficiency of 94% with an average daily production rate of
2,050 bopd. For the same period, a total of 188,654 barrels of oil were sold,
with an average realised price of USD 87.7 per barrel. The average field OPEX
during the same period was USD 16.8 per boe.

The operational performance for the period has been impacted by the shut-in of
the GUA-P5 well since May 2023 due to a hydraulic issue. The well is expected to
be reinstated by Q3 FY2024.

PPUK continued to achieve healthy profit margins in Q1 FY2024, which recorded
gross profit and profit after tax amounting to USD 10.4 million (57% gross
profit margin) and USD 7.3 million (40% net profit margin) respectively, mainly
due to the FX loss arising from GBP to USD and lower operating costs.

Furthermore, the PAT was adversely impacted by a non-cash deferred tax liability
credit relating to the energy profit levy (“EPL”) of USD 28.6 million for the
past 12 months. Otherwise, the normalised PAT stood at USD 11.7 million. These
deferred tax liabilities arise from the EPL regime effective 26 May 2022 and
further amendment towards the EPL regime effective 1 January 2023. The deferred
tax liability arises based on the taxable temporary
differences expected to reverse during the window of the EPL period up to 31
March 2028.

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620335_Consolidated 12 months Quarterly update for the financial period ended 31 March 2024.pdf
620335_Unconsolidated 12 months Quarterly update for the financial period ended 31 March 2024.pdf