Corporate Updates for the financial period ended 31 March 2023

Aberdeen, 29 May 2023 – Ping Petroleum UK PLC (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from April 2022 to March 2023, the Anasuria Cluster achieved an average production efficiency of 76% with an average daily production rate of 1,980 bopd (“barrels of oil per day”). For the same period, a total of 695,323 barrels of oil were sold with an average realised price of USD 95.6 per barrel. The average field OPEX during the same period was USD 24.1 per barrel of oil equivalent (“boe”).

During the period from January 2023 to March 2023 (Q3 FY2023), the Anasuria Cluster achieved production efficiency of 96% with an average daily production rate of 2,395 bopd. For the same period, a total of 202,769 barrels of oil were sold with an average realised price of USD 74.8 per barrel. The average field OPEX during the same period was USD 20.0 per boe.

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

PPUK continued to achieve healthy “normalised” profit margins in Q3 FY2023 which recorded gross profit and “normalised” profit after tax amounting to USD 11.7 million (60% gross profit margin) and USD 6.9 million (36% net profit margin) respectively. However, the PAT has been adversely impacted by a non-cash net deferred tax liability charge of USD 56.8 million 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. This deferred tax liability arises 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 March 2023	Unconsolidated 12 months Quarterly update for the financial period ended 31 March 2023

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