Corporate Updates for the financial period ended 31 December 2023

29 February 2024 - Ping Petroleum UK PLC (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from January 2023 to December 2023, the Anasuria Cluster achieved an average production efficiency of 91% with an average daily production rate of 2,178 bopd (“barrels of oil per day”). For the same period, a total of 796,883 barrels of oil were sold, with an average realised price of USD 82.33 per barrel. The average field OPEX during the same period was USD 22.8 per barrel of oil equivalent (“boe”).

During the period from October 2023 to December 2023 (Q6 FY2023), the Anasuria Cluster achieved production efficiency of 83% with an average daily production rate of 2,133 bopd. For the same period, a total of 203,194 barrels of oil were sold, with an average realised price of USD 81.96 per barrel. The average field OPEX during the same period was USD 25.7 per boe.

The operational performance for the period has been impacted by the shut-in of the GUA-P5 well since May 2023 due to a hydraulic issue.

On 30th October 2023, PPUK changed its financial year-end from 30 June 2023 to 31 December 2023, and with financial year-end on 31 December each year thereafter. In the transition and to meet the new financial year-end, there will be an addition of two financial quarters (of three months each) for the current financial period, a fifth quarter ending on 30 September 2023 and a sixth quarter ending on 31 December 2023.

PPUK continued to achieve healthy profit margins in Q6 FY2023, which recorded gross profit and profit after tax amounting to USD 6.0 million (33% gross profit margin) and USD 14.9 million (81% net profit margin) respectively, mainly due to the FX gain arising from GBP to USD and reversal of deferred tax liabilities.

Furthermore, the PAT was adversely impacted by a non-cash deferred tax liability charge relating to the energy profit levy (“EPL”) of USD 33.3 million for the past 12 months. Otherwise, the normalised PAT stood at USD 17.9 million. These deferred tax liabilities arise from the EPL regime effective 26 May 2022 and further amendment towards the EPL regime effective 1 January 2023. The deferred tax liability arises based on the taxable temporary differences expected to reverse during the window of the EPL period up to 31 March 2028.

Consolidated 12 months Quarterly update for the financial period ended 31 December 2023	Unconsolidated 12 months Quarterly update for the financial period ended 31 December 2023

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