Corporate Updates for the financial period ended 30 June 2023

29 August 2023 - Ping Petroleum UK PLC (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from July 2022 to June 2023, the Anasuria Cluster achieved an average production efficiency of 85% with an average daily production rate of 2,127 bopd (“barrels of oil per day”). For the same period, a total of 725,294 barrels of oil were sold with an average realised price of USD 82.3 per barrel. The average field OPEX during the same period was USD 22.5 per barrel of oil equivalent (“boe”).

During the period from April 2023 to June 2023 (Q4 FY2023), the Anasuria Cluster achieved production efficiency of 97% with an average daily production rate of 2,221 bopd. For the same period, a total of 192,929 barrels of oil were sold with an average realised price of USD 74.7 per barrel. The average field OPEX during the same period was USD 19.0 per boe.

The operational performance for the period was lower primarily due to the shut-in of the GUA-P5 well since May 2023 caused by a hydraulic issue.

PPUK continued to achieve healthy profit margins in Q4 FY2023 which recorded gross profit and profit after tax amounting to USD 8.0 million (49% gross profit margin) and USD 17.1 million (104% net profit margin) respectively mainly due to reversal of deferred tax liability of USD 11.3 million.

Furthermore, the FYE2023 financials has been adversely impacted by a non-cash net deferred tax liability charge relating to the energy profit levy (“EPL”) which is expected to be fully reversed in profit or loss by 31 March 2028 upon expiry of the EPL period resulting in a deferred tax liability of USD 45.6m and loss after tax of USD 21.8 million. The normalised profit after tax stood at USD 23.7 million.

Consolidated 12 months Quarterly update for the financial period ended 30 June 2023	Unconsolidated 12 months Quarterly update for the financial period ended 30 June 2023

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