12 Months Quarterly Update for Financial Period Ended 30 September 2022

Aberdeen, 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.

Consolidated 12 months Quarterly update for the financial period ended 30 September 2022	Unconsolidated 12 months Quarterly update for the financial period ended 30 September 2022

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