3R Petroleum Óleo e Gás S A : Results Presentation 3Q22

RESULTS PRESENTATION

3Q22 | November 8, 2022

Disclaimer

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

Readers are cautioned that these statements are only projections and may differ materially from actual future results or events. Readers are referred to the documents filed by the Company at CVM, specifically the Company's most recent Reference Form, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements, including, among other things, risks relating to general economic and business conditions, including crude oil, exchange rates, uncertainties inherent in making estimates of our oil and gas reserves, international and Brazilian political, economic and social developments, receipt of governmental approvals and licenses and our ability of manage business. The Company undertake 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.

All forward-looking statements are expressly qualified in its entirety by this cautionary statement and were made at this presentation date.

In addition, this presentation also contains certain financial measures that are not recognized under Brazilian GAAP or IFRS. These measures do not have standardized meanings and may not be comparable to similarly-titled measures provided by other companies. The Company proves these measures because uses them as a measure of company performance; however, it should not be considered in isolation or as a substitute for other financial measures that have been disclosed in accordance with Brazilian GAAP or IFRS.

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Highlights | Record results as 3R builds the foundation to support upcoming growth

Strategy

Capital Structure Secured:

• Funding of Potiguar Cluster concluded: US$ 1Bi;
• Local debenture to reinforce cash position (R$ 900M);
• Debts have flexibility and prepayment conditions that support 3R momentum going forward;
• Derisking: 3R is fully funded with a balanced capital structure between equity and debt.

3R is operating 6 from 9 assets acquired

• 3R took over Faz. Belém and Peroá operations in August 2022;
• Current assets under 3R operation represent ~43%¹ of the total portfolio in 3Q22;
• Operated portfolio reached a peak of 16.5K boed in September.

Acquisition of participation in 3R Offshore:

• 3R increased its stake on the offshore subsidiary to 85%;
• Total 2P reserves reached 534MM;
• Strategic movement as the company approaches the take over of Papa-Terra and Peroá is already generating cash.

Update in Operations:

• First imported onshore automatic rig received. The equipment will be ready for the drilling campaign in 4Q22;
• Macau GTW kick off in November: project linked to the reduction of emissions;
• Macau separation plants by ANP.

Note: 1. Considering the average daily production of 3R portfolio between October 2021 and September 2022.

Source: ANP and Company

Operation Evolution

Macau + Rio Ventura + Recôncavo + Areia Branca +

Fazenda Belém + Peroá + 35% Pescada

Oil Production

(bbl/d)

+2.4X

24 months

9,229

5,688 +62%

3,907	YoY

3Q20

3Q21

3Q22

Total Production - Oil + Gas

(boe/d)

+3.3X

24 months

16,088

+2.4X

6,659 YoY

4,900

3Q20

3Q21

3Q22

Financial Performance

Net Revenues

(R$ MM)

+6.2X

24 months

				502
		192	+2.6X
		YoY
82
	3Q20	3Q21		3Q22
		Adjusted EBITDA	Adjusted EBITDA would
		(R$ MM)		be ~ R$ 226MM without
				the transition costs.

+3.9X

24 months

193

105 +1.8X

50		YoY
3Q20	3Q21	3Q22

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3R Petroleum | Portfolio Highlights

Assets under 3R operation

Assets in transition

1.Macau | 2.Pescada | 3.Faz. Belém

4.Areia Branca | 5.Potiguar

Potiguar Complex

3 4 2

1 5

7 6

Portfolio Highlights

US$ 2.2 billion in 9 assets acquired from Petrobras:

• Acquisitions fully funded;
• Really independent: capacity to export 90% of the portfolio oil production and commercialize refine products using its own infrastructure. No capex or third-party facilities dependence.

Portfolio comprises 534 MMboe certified 2P reserves:

• 72% or 387 MMboe of the reserves classified as 1P;
• 34% classified as PDP. Reduced execution risk.

Operated Portfolio production reached 16.5Kboe in September

Pro Forma portfolio summed 43.5 kboe in September (graphic below):

• Production Breakdown: Potiguar Complex 59% | Recôncavo Complex 14% | 3R Offshore 26%;
• 81% oil and 19% gas.

6.Rio Ventura 7.Recôncavo

Recôncavo Complex

8 Peroá

Espírito

Santo Basin

3R Portfolio production profile for September 2022 boe/d

8,655

2,455

3,738

5,934	1,120	658	479

17,606

2,810 43,456

9 Papa-Terra

Campos Basin

Source: ANP and Company.

Potiguar	Macau	Pescada	Faz. Belém Areia Branca Recôncavo	Rio Ventura	Papa-Terra	Peroá	3R
		Assets in transition						4

Peroá | Strong result after a smooth transition in the first Offshore operation

	N		25m	50m
						Tieback with
				PEROÁ	Malombe to
				CANGOÁ		100m
					be executed
		UTGC		PPER-1		500m
			15km
		Cacimbas
					ESS-206
						BM-ES-21
					PETROBRAS89.89%
						REPSOL11.11%
						10k
						Ring Fence
		PEROÁ			Exploration Block
				PAD
	CANGOÁ	ESS-77
50m	74		82
		85	89A	800m
	ESS-67			900m
		PER-3		1-ESS-206		1000m
		PER-1
		ESS-105	80
					1100m
			100m
Peroá				MALOMBE
Espírito						1200m
Santo Basin				4km
				2miles

Peroá Highlights

Operation take over was concluded during 3Q22: results reflects less than two months of operation;

Successful start on the offshore segment with a smooth transition from the former operator to 3R;

Asset production close to 3.5 kboe/d in the period, in line with the premises of the take-or-pay contract

• Gas contracts: 3R is working to improve the current contract and diversify the clients;
• Company is ready to improve production as soon as the commercial front is defined;
• Malombe tie back has a potential to reach a peak production of 2.5 MM m³/day of gas.

Financial:

• Net Gas Price in the period: US$ 8.8 MMBTU;
• Peroá accounted for 11% (R$ 56,3 MM) of 3R net revenues in 3Q22;
• Strong Cash Generation: operation started with single digit lifting cost ($5) and Ebitda margin of ~70%.

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