3R Petroleum 2Q22 earnings release

3R Petroleum Óleo e Gas S.A. (“3R” or “Company”) (B3: RRRP3) hereby presents its earnings for the second quarter of 2022 (“2Q22”).  Except as indicated otherwise, the financial and operational information described in this document is presented on a consolidated basis and in Brazilian Reais (R$), in accordance with International Financial Reporting Standards (IFRS).

SECOND QUARTER HIGHLIGHTS AND POST REPORTING DATE EVENTS

Short-term Business Plan Pillars: completion of acquisitions, organic growth and risk mitigation

• Funding structure for Potiguar Cluster in advanced stage: Funding of US$ 500MM concluded;
• Start-up of operations at 3 new assets: Recôncavo (May/22), Fazenda Belém and Peroá (August/22);
• 6 of 9 assets incorporated into 3R operations and 2 more expected for 2022: Pescada and Papa-Terra;
• Start-up of Offshore operations with Peroá;

Development of a robust and diversified portfolio

• Updating of reserve certifications: Portfolio of 514.8 million barrels of oil equivalent (boe) in certified 2P reserves (180 million PDP), with 89% being oil and 11% gas;
• Huge proportion proven, developed and in production reserves (PDP): reduced operational execution risk;
• Portfolio with average daily production of 44.1 thousand boe in past 12 months, which 0 thousand boe held by 3R, including the assets in transition;
• Average production of 12.2 thousand boe/d of the integrated portfolio in 2Q22, +33.6% Q/Q and +117.3% Y/Y;
• Rise of 70.8% Y/Y in production of operated oil¹, +9.5% Q/Q;
• Consistent increase in production at the Recôncavo Complex, Rio Ventura and Recôncavo Clusters;

 Consistent financial results in 2Q22

• Net Revenues amounted to R$ 399.6 million, a rise of 6.5% Q/Q and +161.5% Y/Y;
• Net Revenues from oil represented 91.6% of the total, benefitted by a greater volume of oil and the upswing in the Brent price;
• Renegotiation of gas contracts for the Rio Ventura and Recôncavo Clusters with Bahiagás: better monetization of the Recôncavo Complex production;
• Adjusted EBITDA worked out to R$ 205.8 million, a rise of 3.7% Q/Q and 130.8% Y/Y;
• Adjusted EBITDA Margin wound up the quarter at 51.5%, even with transition expenses related to the assets still operated by Petrobras;
• Capex of US$ 16.3 million, workover activities and preparation of infrastructure for drilling campaigns;
• Consolidated Lifting Cost of US$ 12.7/boe in 2Q22, a competitive level even considering the assets integration phase and first revitalization activities.