Corporate Updates for the financial period ended 31 December 2022

Aberdeen, 24 February 2023 – Ping Petroleum UK PLC (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from January 2022 to December 2022, the Anasuria Cluster achieved an average production efficiency of 69% with an average daily production rate of 1,815 bopd (“barrels of oil per day”). For the same period, a total of 658,473 barrels of oil were sold with an average realised price of USD 107.5 per barrel. Average field OPEX during the same period was at USD 24.6 per barrel of oil equivalent (“boe”).

During the period from October 2022 to December 2022 (Q1 FY2023), the Anasuria Cluster achieved production efficiency of 92% with an average daily production rate of 2,699 bopd. For the same period, a total of 185,869 barrels of oil were sold with an average realised price of USD 82.6 per barrel. Average field OPEX during the same period was at USD 15.8 per boe.

The operational performance for the period has improved upon riser reinstatement completed on 27 September 2022. Furthermore, scale squeeze and dissolver was successfully completed in November 2022.

PPUK continued to achieve healthy profit margins in Q2 FY2023 which recorded gross profit and profit after tax amounting to USD 17.2 million (80% gross profit margin) and USD 9.1 million (42% net profit margin) respectively due to higher oil and gas prices.

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

For further information, please contact

Pareto Securities
16 Collyer Quay #27-02
Income at Raffles
Singapore 049318
+65 6408 9800

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