Ping Petroleum UK Limited Audited Financials Report

01 Mar 2022 04:47 CET

The average daily oil equivalent production rate decreased by 8% compared to the
previous financial year. This was predominantly the result of a planned shutdown
of the Anasuria FPSO for maintenance activities during Q2 2021, taking 23 days
to complete. The FPSO facilities were completely shut down for this maintenance
exercise. In addition, in the process of bringing the Anasuria FPSO back to full
production upon completion of the shutdown, a malfunction of a critical
component of the subsea infrastructure was identified which required it to be
isolated from the primary production system. The average uptime of the Anasuria
facilities was 83% during the year (2020: 84%).

During the financial year, there were four crude oil offtakes from the Anasuria
Cluster, in which a total of 1,032,567 barrels (“bbl”) of crude oil were sold
(2020: three offtakes, 760,654 bbls of crude oil sold). The four offtakes were
sold at an average realised oil price of USD 51.30 per bbl (2020: average
realised oil price of USD 59.42 per bbl).

Operational performance has remained strong amid the ongoing environment of the
COVID-19 pandemic. The Company implemented measures to ensure the safety of its
workforce and to mitigate the risk to the business of the COVID-19 pandemic and
the resiliency of the Company’s business, in general, was evident throughout the
year. Brent crude oil prices have stabilised above USD 70.00 per barrel (“bbl”)
towards the end of the financial year.

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555239_20210630 - PPUK - FY21 - Financial Statements - Signed.pdf