Corporate Updates for the financial period ended 31 March 2024

31 May 2024 - Ping Petroleum UK PLC (“PPUK”) continues to be involved in the joint operations of the Anasuria Cluster. During the period from March 2023 to March 2024, the Anasuria Cluster achieved an average production efficiency of 90% with an average daily production rate of 2,092 bopd (“barrels of oil per day”). For the same period, a total of 781,723 barrels of oil were sold, with an average realised price of USD 85.4 per barrel. The average field OPEX during the same period was USD 22.0 per barrel of oil equivalent (“boe”).

During the period from January to March 2024 (Q1 FY2024), the Anasuria Cluster achieved production efficiency of 94% with an average daily production rate of 2,050 bopd. For the same period, a total of 188,654 barrels of oil were sold, with an average realised price of USD 87.7 per barrel. The average field OPEX during the same period was USD 16.8 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. The well is expected to be reinstated by Q3 FY2024.

PPUK continued to achieve healthy profit margins in Q1 FY2024, which recorded gross profit and profit after tax amounting to USD 10.4 million (57% gross profit margin) and USD 7.3 million (40% net profit margin) respectively, mainly due to the FX loss arising from GBP to USD and lower operating costs.

Furthermore, the PAT was adversely impacted by a non-cash deferred tax liability credit relating to the energy profit levy (“EPL”) of USD 28.6 million for the past 12 months. Otherwise, the normalised PAT stood at USD 11.7 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 March 2024	Unconsolidated 12 months Quarterly update for the financial period ended 31 March 2024

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