3R Petroleum Óleo e Gás S A : Results Presentation 1Q23

Results Presentation

1Q23

ri.3rpetroleum.com.br

Disclaimer

This presentation may contain forward-looking statements about future events that are not based on historical facts and are not guarantees of future results. These forward-looking statements only reflect the Company's current views and estimates of future economic circumstances, industry conditions, Company performance and financial results. Terms such as "anticipate", "believe", "expect", "anticipate", "intend", "plan", "project", "seek", "should", together with similar or analogous expressions, are used to identify such forward-looking statements.

Readers are cautioned that these statements are only projections and could differ materially from actual future results or events. Readers are provided with the documents filed by the Company with the CVM, specifically the Company's most recent Reference Form, which identify important risk factors that may cause actual results to differ from those contained in the forward-looking statements, including, among others, risks relating to general economic and business conditions, including crude oil, the exchange rate, uncertainties inherent in estimates of our oil and gas reserves, political, economic and social situation internationally and in Brazil, receipt of government approvals and licenses, and our management capacity of business . The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or future events or for any other reason.

The Company publishes on its Investor Relations website the reserve certification reports, prepared by specialized independent companies. Production projections, reserves and future cash flow contained in the certifications are indicative of the potential of each asset and do not necessarily represent the Company's projections for its portfolio, nor do they include any financial restrictions and/or debt covenants, current or future, and any changes in the Company's project prioritization or resource allocation definitions over subsequent years. It is also worth highlighting that the assumptions presented by the Company to the Certifier are subject to evaluation and adjustments based on its experience and internal assumptions. As presented in the 2023 Certification Report, the report is prepared in accordance with the Petroleum Resources Management System (PRMS). Based on the definitions and guidelines provided for in the PRMS and the Certifier's assessment, the results are categorized as Proven, Probable, Possible or Contingent Resources. Other assumptions and considerations for preparing certifications must be observed in the "Scope of Investigation" section of the 2023 Certification Report.

All forward-looking statements are expressly qualified in their entirety by this disclaimer and were made as of the date of this presentation.

2

1Q23 Highlights

Strategy and Execution

Reserves Update:

• Consolidating reports in one Certification company
• 516MM of 2P reserves
• 71% reserves 1P: reduced execution risk
• VPL @10² of the 2P curve: US$ 6.3 bi

Operations & Papa Terra highlights:

• Average production reached more than 20kboe/d on 1Q23
• Papa Terra had important participation on results during its first quarter of operation with a lot of room to improve
• Potiguar cluster showed production stability and slight recovery in oil output

Potiguar Cluster:

• Idema: Operational licenses just granted
• Asset will respond for ~45%¹ of the portfolio production and represents the beginning of 3R's operations in mid/downstream
• At the closing, 3R will acquire spare parts, materials and equipment to start the redevelopment process, as well as the acquisition of refined products and other necessary inputs to start the RRCC's² operations

Sudene:

• 3R has confirmed the Sudene benefit for its whole operated portfolio (ex Papa Terra)

Note: (1) Considering the average daily production of 3R portfolio in 1Q23 | (2) Clara Camarão refinery | Source: ANP and Company

Operation Evolution

Macau | Rio Ventura | Recôncavo | Areia Branca | Fazenda Belém | Peroá (85%) | Papa Terra (53.13%) | Pescada (35%)

Oil Production (kbbl/d)

+3.0X

24 months

76% YoY

13.5

+56%

7.7	8.7	QoQ

4.6 +68% YoY

1Q21

1Q22

4Q22

1Q23

Total Production - Oil + Gas (kboe/d)

+3.8X

24 months

+126%

YoY

20.7

15.4 +35% QoQ

9.2

5.5 +68% YoY

1Q21

1Q22

4Q22

1Q23

Financial Performance

Macau | Rio Ventura | Recôncavo | Areia Branca | Fazenda Belém | Peroá (100%) | Papa Terra (62.5%) | Pescada (35%)

Net Revenues (R$ MM)

+4.3X

24 months

53% YoY

574

	445
375	+29%
QoQ

+183%

133 YoY

1Q21 1Q22 4Q22 1Q23

Adjusted EBITDA (R$ MM)

+96%

24 months

-22%

YoY

199

156

	+150%	113	+38%
79
YoY
	QoQ
1Q21	1Q22	4Q22	1Q23

Reserves Update

Reserves

(WI 3R | MM boe)

534			8	516	12	528
	-11	-16
	Project reclassified to
contingent resource for
	regulatory reasons4
2P Reserves	Malombe	Historical	Added	2P Reserves	Malombe	2P + 2C Volume
2022¹	2P	Production	Reserves	2023	2C 4	2023

• Consolidation into a single certifier, DeGolyer and MacNaughton

• Considering Areia Branca and Peroá certifications, whose base dates are December 31, 2020 and February 1, 2021 ² Net present value of estimated 2P reserves, using a discount rate of 10% per year. Disregards the Malombe Project 3 2P Reserves divided by produced reserves
  4 Volume 2C will be reclassified as reserve 2P after approval of the declaration of commerciality to be requested by the Company to the ANP

Main KPI's

(WI 3R)

Certification	Certification
2022	2023
US$	US$
6.6 bi	6.3 bi
US$	US$
5.9/boe	6.1/boe
89%	88%
Oil	Oil
72%	71%
reserves 1P	reserves 1P
31 years	32 years
life index³	life index³

VPL @10² of the 2P curve, already including income taxes (IR and CSLL)

Capex per barrel for developing 2P reserves

Participation on 2P reserves.

12% gas in 2023 certification

Proven Reserves (1P) over proven plus probable (2P)

15 years on 2P peak production vs 14 years on 2022 certification

4

Reserves Breakdown

Reserves 2P
(WI 3R | MM boe)			516
		11
	95

✓ Relevant volume of certified reserves with 367 MMboe

in proven reserves (1P), which 165 MMboe in PDP:

higher life index among peers in Latin America

305

CE

105

RN

✓ 88% of 2P reserves are composed by oil, with the
	complement of 12% being gas
✓	Balanced portfolio, 79% of 2P reserves are in onshore or
	shallow water projects and 21% in offshore assets
✓	Peroá has an additional 12 MMboe in 2C resources

PotiguarRecôncavo Papa Terra (53.13%) Peroá (85%) 3R Petroleum

Cluster		Hydrocarbons		Classification
(2P Reserves)	(2P Reserves)
2%
			P1	PDNP + PUD 39%
19%		Oil
		88%			516 MM
20%	59%				boe
		PDP	P2
		Gas		29%
			32%
		12%

Note: ¹ PDP + PDNP + PUD = P1

related to Malombe, to be reclassified as reserve after

the declaration of commerciality of the field

5