12 Months Quarterly Update for Financial Period Ended 31 March 2022

Aberdeen, 24 May 2022 – Ping Petroleum UK PLC (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from April 2021 to March 2022, the Anasuria Cluster achieved production efficiency of 67% with an average daily production rate of 1,779 bopd (“barrels of oil per day”). For the same period, a total of 777,243 barrels of oil were sold with an average realised price of USD 78.9 per barrel. Average field OPEX during the same period was at USD 28.5 per barrel of oil equivalent (“boe”).

During the period from January 2022 to March 2022 (Q1 2022), the Anasuria Cluster achieved production efficiency of 68% with an average daily production rate of 1,685 bopd. For the same period, a total of 165,919 barrels of oil were sold with an average realised price of USD 103.1 per barrel. Average field OPEX during the same period was at USD 25.1 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 Q1 2022 which recorded gross profit and profit after tax amounting to USD 14.6 million (67% gross profit margin) and USD 4.6 million (21% net profit margin) respectively due to higher oil and gas prices.

Consolidated 12 months Quarterly update for the financial period ended 31 March 2022	Unconsolidated 12 months Quarterly update for the financial period ended 31 March 2022

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