12 Months Quarterly Update for Financial Period Ended 30 June 2022

Aberdeen, 16 August 2022 – Ping Petroleum UK PLC (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from July 2021 to June 2022, the Anasuria Cluster achieved production efficiency of 69% with an average daily production rate of 1,842 bopd (“barrels of oil per day”). For the same period, a total of 685,255 barrels of oil were sold with an average realised price of USD 97.0 per barrel. Average field OPEX during the same period was at USD 26.4 per barrel of oil equivalent (“boe”).

During the period from April 2022 to Jun 2022 (Q4 FY2022), the Anasuria Cluster achieved production efficiency of 61% with an average daily production rate of 1,633 bopd. For the same period, a total of 162,957 barrels of oil were sold with an average realised price of USD 117.2 per barrel. Average field OPEX during the same period was at USD 25.4 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. Rectification activities are currently scheduled and expected to be completed by late Q1 or early Q2 FY2023.

Despite this, PPUK continued to achieve healthy profit margins in Q4 FY2022 which recorded gross profit and profit after tax amounting to USD 15.1 million (65% gross profit margin) and USD 0.4 million (1% net profit margin) respectively due to higher oil and gas prices. The lower net profit margin was caused by unrealised foreign exchange losses due to the weakening British Pound against the US Dollar.

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

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