3R Petroleum Óleo e Gás S A : Press Release 2Q23

EARNINGS RELEASE | 2Q23

Message from Management

On August 9, 2019, the Company started its first strategic move towards building a robust portfolio of assets: signing the acquisition of Macau Cluster. Nine months later, after the approval of the transfer of the concessions by ANP, 3R became the operator of its first set of fields in Rio Grande do Norte, with approximately 5,000 barrels of oil equivalent in daily production.

After a long journey over these four years, which included another six acquisitions concluded, the Company's listing on the Brazilian stock exchange, debt and equity issuances and an intense collaboration of all areas of the Company, we were able to announce that the Company concluded the acquisition of the Potiguar Cluster in June 2023 and reached the milestone of 43.9 thousand barrels of oil equivalent daily produced in our portfolio in the following month, considering our working interest in the assets.

Within the scope of the acquisition of the Potiguar cluster, it is worth noting that we took over the production concessions of some of the largest oil fields on the Brazilian onshore, among which Canto do Amaro, Estreito and Alto do Rodrigues stand out. At the same time, without any type of discontinuity, we started operating the Mid & Downstream assets located in Rio Grande do Norte: the Clara Camarão Refinery, the natural gas processing units (NGPUs) and the Guamaré Waterway Terminal. Such assets allow complete logistical integration across the various fields of the Potiguar Basin through an extensive network of pipelines, interconnected to the infrastructure to sell crude oil, gas and refined products independently to distributors and trading companies. This integration and flexibility represent something extremely rare in onshore production assets in Latin America, which normally depend on third parties to market their products and/or have road transport logistics as their main strategy.

It is also important to emphasize that the other assets located at the Potiguar Basin and currently operated by the Company also benefit from this integration: as of July this year, around 65% of the total oil production in our portfolio, which is located in Rio Grande do Norte, has already been stored, refined and/or sold through 3R's own facilities.

The evolution of the operating result, added to the improvement in the commercial conditions for the sale of our products, supported a solid financial result for the Company in the second quarter of 2023. We reached a record revenue of R$ 837 million and an adjusted EBITDA of R$ 200 million, maintaining a healthy margin, even considering the consolidated results of the Upstream and Mid & Downstream sectors, which historically have a lower margin when compared to the margin of oil and gas production assets. As for the lifting cost, even with the start of operations in several assets in the last 12 months, we presented a controlled result (USD

23.6 per boe), with significant opportunities for improvement from 2024 onwards. It is worth remembering that in all the operations undertaken in the last four quarters (Fazenda Belém, Peroá, Papa Terra and Potiguar), there are expenses and costs to revitalize the collection, processing and storage facilities, in order to allow a more stable operation, allowing the increase in production and finally dilute fixed operating costs.

Finally, even though we faced a first half of 2023 marked by great volatility in Brent reference prices, we delivered yet another strong result, supported by the operational and commercial evolution in all Clusters (Potiguar, Recôncavo, Papa Terra and Peroá). With the integration of the largest assets in our portfolio under our operation, we have no doubt that there is a lot of room for improvement in our results going forward. From the perspective of a Company guided by values that reflect respect for the environment, our employees and service providers and the communities around us, we will maintain the relentless pursuit to increase production, operational efficiency and reduced cost per barrel.

EARNINGS RELEASE | 2Q23

Earnings | 2Q23

Rio de Janeiro, August 8, 2023 - 3R Petroleum Oil e Gas S.A. ("3R" or "Company") (B3: RRRP3) hereby presents its results for the second quarter of 2023 ("2Q23"). Except as indicated otherwise, the financial and operational information set out below is presented on a consolidated basis and expressed in Brazilian Reais (R$), in accordance with accounting practices adopted in Brazil (CPC) and international financial reporting standards (IFRS).

Leading Indicators

(Expressed in thousands of R$, except as indicated otherwise)	2Q23	2Q22	∆ Y/Y	1Q23	∆ Q/Q
Net Revenues	836,582	399,624	109.3%	573,698	45.8%
		-3.1%		28.2%
Adjusted EBITDA	199,511	205,796	155,603
		-27.6p.p.		-3.3p.p.
Adjusted EBITDA Margin	23.8%	51.5%	27.1%
		167.1%		37.1%
Total Production¹ (boe/day)	28,375	10,623	20,691
		152.4%		46.8%
Average Daily Oil Production (bbl/day)	19,866	7,872	13,530
		209.3%		18.8%
Average Daily Gas Production (boe/day)	8,509	2,751	7,161
		-22,5%		7.5%
Average Oil Sale Price (US$/bbl)	68.5	88.4	63.7
		-14.4		-13,4%
Average Gas Sale Price (US$/MMbtu)	7.1	8.6	8.2
		72.6%		5.0%
Lifting Cost (US$/boe)	23.5	13.6	22.4
¹ 3R working interest

HIGHLIGHTS FOR THE QUARTER

Business Plan defined: integration of operations and execution.

• Consolidated portfolio, closing of Polo Potiguar marks an important step for the Company
• Efforts concentrated on safety, reliability, and operational execution
• Company focused on upstream segment, with integrated portfolio that aggregates opportunity for diversification and generation of additional value in the mid & downstream segment
• Acceleration of investment and enhanced reliability of operational installations and systems has already led to increased production
• Commercial contracts under more competitive conditions for the Company in all asset clusters
• Establishment of the Sustainability Committee in 2Q23 and launch of the first Sustainability Report set for 3Q23

Important gain of scale and increase in operational efficiency.

• Operational resilience: increased production posted at all clusters of assets in second quarter
• Average daily production was 28.3 thousand boe in 2Q23, +37% Q/Q
• Share of oil output accounted for 70% of production in 2Q23, still with partial effect of the incorporation of Potiguar Cluster, major oil asset

EARNINGS RELEASE | 2Q23

• Remarkable operational pick-up at Macau Cluster, as from release of production infrastructure and less operational volatility. This asset posted a rise of +18.3% in production Q/Q, and+65% in oil production in July when compared with January 2023
• 3R began 3Q23 with production of 43.9 thousand boe/d in July, + 16.3% M/M
• Activities involving integrity and adaptation of our production installations expanded reliability of systems and enhanced operational efficiency at all Company assets in 2Q23
• Mobilization of new drills aided in acceleration of interventions: reactivation of wells, workover, pulling, and drillings
• Onshore drilling campaign full steam ahead, with results of first wells at Macau in line with Company planning.
• 3R began operation in the mid & downstream segment in an independent manner and without any operational discontinuity

Yet another quarter with solid financial results

• Record net revenues, R$ 836.6 million posted in the second quarter, +45.8% Q/Q.
• Renegotiation of oil agreements in Bahia and at Papa Terra guarantee better commercial terms
• Adjusted EBITDA accounted for R$ 199.5 million in the quarter, up 28.2% Q/Q, supported by the upstream segment and with positive contribution from the mid & downstream segment, even with just 23 days of operation
• Adjusted EBITDA Margin of our upstream was 34.9% this past quarter, even considering the transition expenses and the drop of the average Brent price, down 3.8% for the quarter
• Net earnings of R$ 79.4 million in the quarter, +4.9x Q/Q
• Acceleration of Capex supported development of production, US$ 42.2 million in 2Q23, +29.2% Q/Q
• Lifting Cost held steady at a controlled level, US$ 23.5/boe in 2Q23, +5.0% Q/Q, even considering

temporary costs at the Potiguar Cluster and unprogrammed stoppage at the Papa Terra Cluster

Conferência em Português	Conference in English
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EARNINGS RELEASE | 2Q23

ESG - Environmental, Social and Corporate Governance

The Sustainability Expedition continues to be developed, aligned to the directives known all over the planet as ESG - Environmental, Social and Corporate Governance - and inserted in the Company's Strategic Plan.

For 3Q23, the Company is planning publication of its first Sustainability Report, based on the Global Reporting Initiative - GRI, using its universal, O&G, and thematic standards. The report will encompass ESG issues and the indicators relating to the main material issues identified for our business. This is an important step in the Evolution of our Sustainability Expedition since it gives us the opportunity to make a self-evaluation for a cycle of improvements.

With its commitment to enhancing transparence regarding evolution of our ESG Agenda, the Company hereby presents the main highlights in this regard for the 2nd Quarter of 2023:

Environmental

1. Holding of the workshop entitled Emissaries of Guamaré: Environmental Aspects and Monitoring Control Measures in Natal/RN. The event dealt with the operational characteristics and environmental controls related to the underwater emissaries of Guamaré in relation to the IDEMA, the environmental protection agency of the State of Rio Grande do Norte (RN).

1. Participation in the environmental programing in Mossoró, Rio Grande do Norte (RN), the 2023 theme of which can be summarized with the key words "Zero Waste, Sustainable Mossoró". The actions were undertaken in partnership with the State Environmental Secretariat and counted on the participation of local universities - Rio Grande do Norte State University (UERN) and Ufersa, the White Coast Cetacean (whale) Project (PCCB) and the BioAction Program. Among the issues broached, highlights were the matters of solutions for plastic waste pollution and the workshop for re-use of recycled materials.

1. Participation in actions related to World Environment Day, supporting initiatives of the Environmental Secretariats of several municipalities further South in the nation's Northeast Region, in the State of Bahia.
   Among the initiatives undertaken, highlights were the debates and forums to discuss the importance of raising consciousness, changes in habits and sustainable breakthroughs to preserve the environment and bring about a more sustainable future. The Company further participated in the Planting Caravan, which featured the planting of many tree saplings in different regions.

Social

1. Conclusion of the first stage of the Environmental Education Project (PEA) in Bahia's Recôncavo Basin, with the holding of Community dialogues to map and identify the needs and potentialities of local communities in terms of Environmental Education. The PEA is an educational process, based on presential theoretical and practical workshops and seminars, apprenticeship exchanges, case analysis, resolution of challenges, institutional visits, rounds of dialogues, applied consultancy and local initiatives. Participating in the first stage were 40 communities and over 300 people who live around the installations of the Recôncavo and Rio Ventura complexes in the State of Bahia.

1. As part of its agenda of projects and educational- and social-fostering initiatives, besides serving as sponsor the Company was also present at the end of the 1st salon soccer championship in Macau (1ª Copa Macau de Futsal), which brought together athletes from different categories and cities and townships (municipalities) of the State of Rio Grande do Norte.