12 MONTHS QUARTERLY UPDATE FOR THE FINANCIAL PERIOD ENDED 31 December 2021

Aberdeen, 28 February 2022 – Ping Petroleum UK Plc (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from January 2021 to December 2021 , the Anasuria Cluster achieved an uptime of 72% with an average daily production rate of 1,969 bopd (“barrels of oil per day”). For the same period, a total of 886,320 barrels of oil were sold with an average realised price of USD 69.58 per barrel. Average field OPEX during the same period was at USD 26 per barrel of oil equivalent (“boe”).

During the period from October 2021 to December 2021 (Q4 2021), the Anasuria Cluster achieved an uptime of 75% with an average daily production rate of 2,023 bopd. For the same period, a total of 164,609 barrels of oil were sold with an average realised price of USD 71.47 per barrel. Average field OPEX during the same period was at USD 26 per boe.

The production rate remained impacted 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 isolated from the primary production system and had caused a drop in daily production rate until the completion of the rectification work. Engineering and procurement activities are currently underway to fast track the rectification work which is scheduled to be carried out in Q3 2022.

Despite this, PPUK continued to achieve healthy profit margins in Q4 2021 which recorded gross profit and profit after tax amounting to USD 10.1 million (60% gross profit margin) and USD 5.6 million (33% net profit margin) respectively due to higher oil and gas prices.

Consolidated 12 months Quarterly update for the financial period ended 31 December 2021	Unconsolidated 12 months Quarterly update for the financial period ended 31 December 2021

For further information, please contact

Pareto Securities
16 Collyer Quay #27-02
Income at Raffles
Singapore 049318
+65 6408 9800

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