3R Petroleum Óleo e Gás S A : Demonstrações Financeiras em Padrões Internacionais - Versão em Inglês

Condensed interim financial information as at March, 2023

EARNINGS REPORT | 1Q23

Message from Management

The beginning of 2023 was marked by volatility in commodities and a challenging debt market. In the macro aspect, it is possible to observe a high interest rate curve, resilient inflation and one of the most restricted debt issuance windows in recent years. The financial difficulties of retailers in Brazil and the bank crisis abroad aggravated this context. For the oil and gas industry, conflicts in Eastern Europe, together with uncertainties about the recovery of China and an eventual American recession, continue to affect the price of Brent, which fell to levels close to US$80 per barrel in early 2023.

At the operational level, the company achieved an important production milestone: we surpassed the daily average of 20Kboe in the first quarter of 2023. This result was supported by the gradual evolution of production in onshore operations and the strong contribution of 3R Offshore to the result. After taking over the operation of Polo Papa Terra with limitations in production systems and storage capacity, in the last weeks of December 2022, our operational team has been dedicating itself to improving integrity and reactivating redundancies in critical systems, in order to make the operation safer, more stable and more resilient.

In all the assets that comprise the Company's portfolio, there is still plenty of room to increase production, gain efficiency and dilute fixed costs over the coming quarters. To this end, the operations and supply management areas are making every effort to mobilize the intervention and drilling rigs as soon as possible, as well as to improve the processing plants, in order to comply with the investments foreseen in our business plan. Equally important, we are working to solve the processing obstacles at the Macau cluster in the shortest possible time, which have limited our production capacity in one of the assets with the best contribution margin for the Company.

Supported by the evolution of production, 3R achieved record net revenue in 1Q23, amounting to R$ 574 million, which represents an increase of 29% and 53% when compared to 4Q22 and 1Q22, respectively. Revenue for 1Q23 was 7 times higher than revenue for 3Q20, the quarter that marked the Company's first earnings release after going public, demonstrating the magnitude of the company's growth since the beginning of its trajectory. The evolution in production offset the transition costs and the drop in the Brent reference price, allowing the Company to reach an consolidated adjusted EBITDA of R$156MM in the quarter, with margin expansion when compared to the previous quarter.

In the strategic aspect, the efforts of Management and all our employees are focused on conclude the acquisition of Polo Potiguar. With diligence, proactivity and a lot of dedication, we are gradually moving towards achieving the precedent conditions. This week, we passed another big and important step: the process of transferring the last environmental license related to IDEMA was completed. Our expectation is that the last necessary condition will be solved in the coming days, with the transfer of the last environmental license, to be issued in the name of 3R by IBAMA.

Even in a turbulent first quarter for the sector, the year 2023 marks the beginning of a new cycle of portfolio consolidation and execution of the strategic plan for 3R. And in this context, the company delivered results that demonstrate the robustness of our strategy and is prepared to implement the organic growth plan projected for the next quarters, with the incorporation of relevant oil production assets, diversification of the product commercialization strategy, commercial optimization of contracts, corporate simplification and the delivery of healthy results, maintaining a high level of operational security.

EARNINGS REPORT | 1Q23

ESG - Environmental, Social and Corporate Governance

As far as 3R is concerned, the carrying out of our business plan must be increasingly pegged to the responsible management of aspects that go beyond merely financial ones, aspects that also generate positive and long-lasting value for society at large. In this sense, the Company's ambitions are connected to our Sustainability Journey, which started in 2021, focused on development of the directives known around the globe as ESG - Environmental, Social and Corporate Governance - and alignment thereof with our strategic plan.

In 2023, the Company is focused on preparation of its first Sustainability Report, based on the Global Reporting Initiative - GRI, using the latter's universal, O&G industry and thematic standards. The report will encompass ESG issues and the indicators relating to the chief material themes identified for our Sustainability Journey, as it gives us the opportunity to conduct a self- evaluation for a cycle of ongoing improvements.

Out of our commitment to enhanced transparency for evolution of our ESG Agenda, the Company presents on this and the following page of this Earnings Release the main highlights for the 1st Quarter of 2023:

Environmental

1. Declaration of Pad (helicopter landing platform) Compliance or DPC by the Brazilian Navy at the Peroá Complex

1. In partnership with the Federal Rural Semi-Arid University - UFERSA, the Company is conducting studies for implementation of an irrigation project sourced from the recycling of the water produced in the operations of the Fazenda Belém Cluster.

1. Teach-inworkshops at local communities and schools involving presentations about the environment and its relationship to the O&G industry.

Social

1. Projects and initiatives to foster education and health care in Rio Grande do Norte (RN), as follows: (i) judo, indoor soccer and swimming workshops and championships, as well as support for RN State Para-Olympic athletes, through the local Society of Friends of the Physically Handicapped (Sadef), the coverage of which involves several communities and more than 1.7 thousand children and youths, (ii) supply of drinking water for needy regions in this State of Brazil's driest region, the Northeast, and (iii) promotion of the initiative we

EARNINGS REPORT | 1Q23

call Health and Safety Moment, which involved the offering of vaccines, besides training for a response and emergency plan.

1. Participation in the Winged Hands Project, in partnership with the Rio Grande do Norte Federal Institute (IFRN
   - Macau), which offered professional training courses for women, to reduce the social inequalities affecting women in a situation of exclusion and precariousness.

1. Sharing of technical know-how with students of Rio de Janeiro Federal University - UFRJ who participated at a seminar at the Company's head offices in Rio de Janeiro about the role of the geologist at a firm engaged in the development of mature fields.

1. First edition of the program entitled 3R Summer Internship featuring youths taking various courses in a practical experience to accompany the Company's operations at the Macau, Areia Branca, Fazenda Belém, Rio Ventura and Recôncavo Complexes/Clusters, with mentoring and supervision by professionals of their respective educational areas. Today we already have professionals who have been formed after the program period and who currently make up the company's staff.

1. Participation in the Program for Mentoring Feminine Leadership fostered by the Brazilian Petroleum Institute
   - IBP, the objective of which is to ensure greater diversity in the O&G industry and leverage the percentage of women in leadership positions.

1. Carrying out 140 activities in Bahia, within the context of our Social Responsibility Policy and Community relationship strategies, of which: (i) 40% were related to the Environmental Education Program and Social Communication Project, (ii) 38% were related to crisis management, employability and access to the job market, and (iii) 22% were related to actions for supporting the operation of and handling the demand of channel 0800, Talk to 3E ("Fale com a 3R").

Governance

1. Organizational simplification with optimization of our corporate structure and integration of activities, the aim of which is to support the cycle of consolidation of 3R's portfolio and execution of its strategic plan, with focus on nimbleness, productivity, and results.

1. Entry onto the Index known as GPTW B3 2023, comprised of companies that are certified and included on the list based on the Brazilian national ranking of Great Places to Work.

1. Revision and updating of our Code of Ethical Conduct, Anti-Corruption Policy and Conduct for Suppliers, the principal themes of which have been: (i) human rights, on-the-job relations, harassment, discrimination, and prejudice, (ii) safety of people and respect for the environment, along with sustainability, (iii) prevention of money laundering, and (iv) cyber security and treatment of personal data/privacy.

EARNINGS REPORT | 1Q23

Management of 3R Portfolio and Reserves

The Company has a wide-ranging portfolio, comprised of nine assets located in four sedimentary basins and, as of the close of the first quarter of 2023, it operated seven of them. Only remaining now are conclusion of the operational transition processes for the Pescada and Potiguar Clusters. Our diversified portfolio is one of 3R's differentials, as it gives us flexibility in selecting projects within a horizon of development, taking into consideration macroeconomic aspects, risk-return, and capital management.

In this sense, after taking over operations of the assets, 3R undertakes activities for inspection and recovery of the integrity of the installations, which are fundamental for both safety and operational resilience. It also has begun the process of taking advantage of simplified opportunities, called low-hanging fruits in our industry's jargon, which usually more than compensate for the natural decline of the fields, thanks to management focused on return, integration, and efficiency.

Moreover, the application of the investment (Capex) undergoes a detailed appraisal in terms of the Company's business plan, from the macro angle of our portfolio. Priorities are granted to projects with a higher possible return and lower risk of execution, usually linked to proven (1P) reserves. Application of the Opex (costs and expenses) follows the same flow of analysis, further considering that the assets acquired undergo a long period of maintenance and greatly reduced investment, justified by the fact that they were not the core business of the former operator.

In April 2023, the Company updated the certification of reserves of its portfolio and published its 2023 Report, as of December 31, 2022. The total 3R portfolio involves 516 million barrels of oil equivalent (boe) in terms of certified 2P (proven + probable) reserves, of which 367 million boe (or 71%) are proven (1P) reserves and, furthermore, 32% of our 2P reserves are classified as proven, developed, and producing (PDP) reserves, which demonstrates our lower risk of execution. Out of the total 2P reserves, 12% represent natural gas reserves.

In addition, the Company stresses that the certified volumes relating to the Malombe Project, a block that is part of the Peroá Complex, have been classified as contingent resources, with, 12 million boe having been certified as 2C resources, which means they are only conditioned to the asset's declaration of commerciality by the Brazilian National Petroleum, Gas & Biofuels Agency, the ANP.

The graphs that appear on the following two pages detail the reserves of the Company's portfolio of assets as of December 31, 2022.