3R Petroleum Óleo e Gás S A : Results Presentation 1Q22

Results Presentation

May 03, 2022 | 1Q22

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.

1Q22 Highlights | 2022 has started in a high note in all business aspects

Note: 1. PDP: Proven Developed under Production; 2. In 1P and 2P reserves, excluding O&G Majors; 3. Considering the average daily production of the portfolio in the last 12 months. Source: ANP and Company

Potiguar Cluster Reserve Certification:

✓ Upstream assets NPV10 (2P): US$ 2.8 Bi; 170MMboe of 1P (104MMboe of PDP¹) and 229MMboe of 2P, almost doubling Company oil production and reserves;

✓ Largest reserve portfolio among LatAm peers²:

✓

Strategy

With Potiguar Cluster, 3R reached 494MMboe of 2P, 354.8 MMboe of 1P and 166MMboe of PDP;

With Potiguar infrastructure (1.8MMbbl of storage capacity and export facilities),

3R will be able to export 91% of its oil production.

Gas Contracts in Macau:

Governance - New board members:

3R enhances board experience with the election of Roberto Castello Branco and Harley Scardoelly as new board members of the Company.

1Q22 marked the first quarter with new prices for gas in Macau. Gas prices went up by 8X when compared to 1Q21.

Governance | 3R brings experience to its board to solidify its governance structure

Roberto Castello Branco (Chairman)

• • Petrobras CEO 2019-2021

• • Executive Officer Vale 1999-2014

• • Director of the Central Bank of Brazil

Harley Scardoelli (Member)

• • Gerdau CFO and Investor Relations Officer 2015-2021

• • Several roles in Gerdau Group since 1988

Paulo T. Mendonça (Member)

• • Partner / Managing Director at Starboard Asset since 2017

• • Partner at Brasil Plural 2010-2017

Board Structure

• • Shareholders have appointed and approved two new members for 3R board;

• • Both Castello Branco and Harley have huge track record and are well recognized executives in the industry. They will bring vast experience to the board;

• • New members are in line with the

  Company's new phase: focus on organic growth of the portfolio that was successfully built in the last 3 years.

Guilherme Affonso Ferreira (Member)

• • Partner Teorema Capital since 2003

• • Held board member position at Petrobras, Unibanco,

  B2W, Gafisa, SulAmérica and Banco Indusval

Paula Kovarsky (Member)

• • Executive Officer Raízen Holdling

• • Vice President Itaú BBA 2006-2015

• • Southern Gas & Power at Shell 1996-2006

Kjetil Solbrække (Member)

• • CEO at DBO Energy since 2018

• • Senior Vice President Rystad Energy 2015-2018

• • CFO and CEO roles in several energy companies

Former Members

Business Support Complementary Structures

• ▪ Internal Audit

• ▪ Internal Controls and Corporate Risks

• ▪ Compliance Committee

• ▪ ESG Committee

• ▪ HR & Compensation Committee

• ▪ Finance Committee

New Members

3R Reserves Overview | Largest Certified portfolio among LatAm peers

✓ 354.8MMboe or 72% of the reserves are classified as proven (1P) and 166.0Mmboe (34% of the total 2P) are classified as PDP, which reduces the Company's execution risk.

✓ 3R has the largest 2P/1P/PDP certificated reserves among

LatAm peers (ex majors).

Proven Reserves (P1): at least 90% probability that the quantities recovered will be equal to or greater than the P1 estimate; Probable Reserves (P2): at least 50% probability that the quantities recovered will be equal to or greater than the P2 estimate; Possible Reserves (P3): at least 10% probability that the quantities recovered will be equal to or greater than the P3 estimate; Source: Company, Degolyer and MacNaughton's and Gaffney Cline's certification reports; Certification reports have different base dates and can be accessed through 3R IR Website.

Notes: (1) Does not include NOL | (2) 3R hired experts to analyze and evaluate the mid & downstream assets of the Potiguar Cluster. After the conclusion of this study the Company will disclose the entry multiple of the Potiguar Cluster.