3R Petroleum Óleo e Gás S A : Results Presentation 4Q22 & 2022

Results

Presentation

4Q22 & 2022 | March 8, 2023

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 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.

The Company publishes on its Investor Relations website the reserves certification reports for its assets, prepared by specialized independent companies. Production projections, reserves and future cash flow contained in the certifications are an indicative of the potential of each asset individually and do not represent the Company's integrated projections for its portfolio as they do not consider financial restrictions, debt covenants, prioritization of investment projects and allocation of Company resources and synergies between the assets.

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 4Q22 & 2022 | Consolidation of 4 new assets on 3R Portfolio

Strategy and Execution

Closing of Papa-Terra:

• 2nd Offshore operation of the Company
• Great relevance in the portfolio in reserves and production
• 3R is working to improve asset integrity and operational efficiency

3R is operating 7 from 9 assets acquired

Operation Evolution

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

Oil Production

(bbl/d)

+2.2X

24 months

Financial Performance

Net Revenues

(R$ MM)

2.4 X

YoY

✓	3R took over the operations of 4 assets during 2022. Assets under
	3R operation represented ~44%¹ of the portfolio in 4Q22
✓ Operated portfolio reached a peak of 30K boed in Jan/23

6.328

8.660

+37%

1.722

78%

YoY

✓ 3R acquired 15% of 3R offshore achieving 85% WI

Update in Operations:

• Record production in Recôncavo Basin backed by a progressively improvement of processing facilities during 4Q22
• Macau: final steps on pipeline replacement (to be concluded in 1Q23); separation plants in operation at ~75% capacity (possible adjustments being evaluated by a specialized engineering company); drilling campaign to be started in 1Q23
• Papa-Terra: storage capacity and reactivation of wells as the short-term focus for the asset; hydraulic rig (for TLWP unit) already hired (mobilization expected for 3Q23)

Transition of Potiguar Cluster:

• Funding of Potiguar Cluster structured in 2022: US$ 1Bi (flexible prepayment conditions)
• Teams hired and service providers contracted while 3R advances with the precedent conditions of the deal

Note: 1. Considering the average daily production of 3R portfolio in 4Q22.

Source: ANP and Company

3.877 +63%YoY YoY

4Q20

4Q21

4Q22

Total Production - Oil + Gas

(boe/d)

+3.2X

24 months

15.375

+2.1X

7.405 YoY

4.804 +54% YoY

4Q20

4Q21

4Q22

		728
250	445
4Q21	4Q22	2021	2022

	Adjusted EBITDA
		(R$ MM)
			2.0 X
			YoY
			710
+36%
YoY		356
83	113
4Q21	4Q22	2021	2022

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3R Portfolio Snapshot

Assets under 3R operation

Assets in transition

Pro Forma	Potiguar Complex
Production Dec/22	1.Macau | 2.Pescada | 3.Faz. Belém
4.Areia Branca | 5.Potiguar
3R WI (boe/d)

3 4 2

• Pro Forma portfolio summed 45.2 kboe in December (graphic below)
• Incorporation of 4 assets in 2022: strong portfolio building ability on display
• 3R increased its stake on the Offshore subsidiary from 70% to 85% in 2022
• Production Breakdown: Potiguar Complex 55% | Recôncavo Complex 17% | 3R Offshore 28%

• 80% oil and 20% gas

28%

1 5

55%

17%

3R Offshore

Potiguar Complex

Recôncavo Complex

					Pro Forma Production Profile for December 2022
							3R WI (boe/d)
										2,963	45,227
				Assets in transition				9,779
	7	6
		Recôncavo						2,947
		Complex					4,511
		6.Rio Ventura				648	492
		7.Recôncavo		4,116	1,139
			18,632
	8	Peroá
	Espírito
		Santo Basin
9	Papa-Terra	Potiguar	Macau	Pescada	Faz. Belém	Areia Branca Recôncavo	Rio Ventura	Papa-Terra	Peroá	3R
Campos Basin
Source: ANP and Company									4

Papa Terra | Second operation of 3R Offshore

Peregrino

Papa-Terra

Maromba

Papa-Terra Field

3R-3	3R-2

2nd asset of 3R Offshore:

• Recovered fraction below 2.5% and great potential to act as a reserve replacement source
• Relevant participation in the Company's total production (34% in Jan/23)
• 100% owned infra-structure with no FPSO or platform daily rates
• Capacity of units - plenty of capacity in all technical fronts: processing, injection of water, storage and slots to connect up to 21 producer wells and 11 injection wells
• The low recovered fraction combined with the robust infrastructure gives 3R flexibility to improve production and revitalization in the medium-long term

Operation:

• 3R took over the operation with three active wells (PPT-50,PPT-51 and PPT-16) and limited storage capacity of the FPSO
• 2023 operational plan: release storage capacity, rigs mobilization and wells reactivation

• Storage: two tanks to be released during 1S23. This will release storage capacity to increase production and reduce offloading frequency
• 2 wells ready to be reactivated: before the stoppage in the end of Feb/23, the company reactivated one well (PPT-17) and is planning to reactivate the (PPT-37) on 2Q23
• 1 hydraulic rig and spare pumps already contracted: mitigating operation risks on the TLWP where the best wells are connected
• 2 wells to be reactivated through workovers (PPT-12 and PPT-22): both wells need a pump replacement using a rig that is under negotiation. Both wells are planned to be reactivated between 4Q23 and 1Q24
• Scheduled maintenance: the asset will stop for at least 15 days in 4Q23;
• The unit had an unscheduled production shutdown in February 2023 to carry out adjustments to the power generation and automation systems

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