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

Financial Statements as of and for the Year Ended December 31, 2022 and 2021, along with the Independent Auditor's Report

Contents

Report of management	3
Independent Auditor's Report on the Financial Statements	28
Statement of financial position	30
Statements of profit or loss	32
Statements of comprehensive income (loss)	33
Statements of changes in equity	34
Statements of cash flows	35
Statements of value added	36
Notes to the financial statements	37

EARNINGS RELEASE | 4Q22 & 2022

Message from Management

During 2022, 3R posted important strategic, financial and operational milestones. The progress made by the Company will be fundamental for supporting its investment thesis in the coming years and, consequently, promote the creation of value through the recovery of reserves that would not be produced by the previous operator. In addition to generating value for its shareholders, this movement aims to reflect positively on the dynamics of the local economies where the operations are located by creating jobs and strengthening industry and commerce. It is also worth remembering that such investment plans also provide increased revenue for the union, states, municipalities and landowners through the payment of royalties, taxes and fees linked to our businesses. The solid result registered in 2022 is intrinsically related to the intense dedication of the 3R team, which works guided by the pillars of sustainability, operational safety and continuous improvement of the Company's results.

Global markets had to live with challenging macroeconomic aspects and disruptive geopolitical events throughout the year 2022, a trend that began as this decade got underway in 2020 with the Covid-19 pandemic. Climbing interest rates and continuing inflation in both developed and emerging markets combined with the sweeping effects of the war in Eastern Europe and strongly affected the dynamics in several industries all over the world, with a major role being played by the energy sector, chiefly oil and gas (O&G).

The O&G industry grew mightily this past year, chiefly backed by benchmark petroleum prices that reached higher than US$ 130 per barrel, though the annual average in 2022 was US$ 99, still a highly attractive level for stimulating industry projects. The huge fluctuations were mainly caused by jolts in the global energy supply chain that made the supply of the commodity fail to keep up with the growth in the global demand for oil and gas.

In such a context, Brazil established itself as one of the world's principal destinations for the allocation of resources and exposure to the oil and gas industry in 2022. The opening of the local O&G industry, driven by the program for divestiture of non-core assets of the major producing companies present in the country made it possible for development of a new sector of local independent operators. In the past decade, the oil and natural gas industry in Brazil advanced in a robust manner, with a significant increase in its consolidated production, to the point where it now accounts for more than 15% of the nation's industrial GDP. In the coming years, companies like 3R will assume an increasingly important role in allocating resources in projects to revitalize mature fields and increase production in the country and, consequently, in generating benefits that extend throughout Brazilian society, with the solidification of a chain of local suppliers that serves this niche in the oil and gas sector, which is so relevant in oil-producing municipalities far from the country's major capitals.

3R is proud to be a part of the select group that is going to support the competitive gains of the nation's O&G industry and to generate with its operations a powerful economic and social impact on the regions where it is active. This impact chiefly involves the important creation of jobs and income in areas with a low human development index, mainly in the States of Bahia (BA), Ceará (CE), Espírito Santo (ES) and Rio Grande do Norte (RN).

The Company achieved a milestone by concluding acquisitions of four assets during the year 2022: (i) the Recôncavo Cluster in May; (ii) the Fazenda Belém and Peroá Clusters in August; and (iii) the Papa Terra Cluster at the end of December. Such accomplishments prove the success of 3R's strategy of identifying opportunities and building up a diversified portfolio. The growth of our operated portfolio backed up the Company's operational and financial results in 2022. 3R posted the record mark of over R$ 1.7 billion in Net Revenues for the year, a financial volume that is 8.4 and 2.4 times that achieved in the years 2020 and 2021, respectively, which demonstrates the magnitude of 3R's growth in just 24 months. It is worth pointing out that the results

1

EARNINGS RELEASE | 4Q22 & 2022

achieved in 4Q22 still reflect roughly 44% of the portfolio contracted by the Company, proving that the growth dynamic should likewise be noted in 2023, a year that will be driven not just by the expansion of the production of the seven assets of portfolio already operated, but also by the incorporation into our results of the operations of the principal assets acquired by the Company: Potiguar and Papa Terra.

The 2022 results are due to operations that in December achieved a daily average production of more than 25 thousand barrels of oil equivalent (boe) and delivered an EBITDA margin of nearly 42% all told for 2022, even considering the expenses linked to the assets integration process, with the heavy-duty operational mobilization carried out for the commencement of operations at the Papa Terra and preparation activities to the take over of Potiguar Cluster.

The year 2022 was further marked by the signing of the financial instruments needed to guarantee the conclusion of the acquisition of the Potiguar Cluster, that added to the resources of three equity movements in the Brazilian capital market. The striving for optimization of its capital structure will be an ongoing affair, in view of the growth projected for the next 24 months and the consequent upswing in its capacity for production and generation of cash.

After an important trajectory of strategic acquisitions, 2023 marks for 3R the commencement of a new cycle for consolidation of the Company's portfolio and execution of its strategic plan, with focus on results, productivity, reduction of costs and performance of operations in a safe and sustainable manner. Finally, the year 2022 strengthened the Company's operational and strategic learning curve, such that as it enters 2023 it is better prepared to the challenges inherent in its portfolio. 3R reiterates its conviction that its proposition represents one that is competitive and features a mighty strategic differential in Brazil's O&G industry. The year 2023 begins with the certainty that the Company is capable and structured to consolidate its portfolio and that subsequent years will be transformational for 3R and for the independent national oil and gas industry.

2

EARNINGS RELEASE | 4Q22 & 2022

ESG - Environmental, Social and Corporate Governance

The year 2022 was noteworthy for the maturation of the project entitled Sustainability Journey, which began in 2021, the focus of which has been the development of the directives known around the world as ESG - Environmental, Social and Corporate Governance - and alignment thereof with the Company's Strategic Plan.

The pillars of safety, social and environmental responsibility, the valuation of human capital and a robust structure of corporate governance have been maintained as key aspects in the development of 3R's investment proposition and permeate all our areas and functions, as being in support our decision-making.

The evolution of our ESG agenda, parallel to the Company's growth, will be detailed in the first 3R sustainability report, in which the latter's phases of definition of materiality, per-sector appraisal, mapping of risks and opportunities, besides the corporation-wide roadmap, have been satisfactorily concluded. In the 1st half of 2023, the Company estimates it will launch its first edition of the sustainability report, expanding our transparency and beginning a trajectory, without return, for going into greater depth on and monitoring of the 3R Sustainability Journey.

In the Environmental sphere, our Gas-to-Wireproject

• for generation of our own electricity through modular thermoelectric power plants fueled by the gas from wells and productive systems at the Macau Cluster - began commercial operation in the fourth quarter of 2022. The evolution of the project results in the gradual reduction of electric power from the standard grid, as well as minimization of the ventilation and burning of GHG arising from production into the atmosphere. It should further be highlighted that this project is being ranked as "pilot", as it will be able to be replicated in other assets of the 3R portfolio with
  the availability of gas. Moreover, alternative projects for generation of renewable energy are currently being appraised, with focus on the supply of energy for powering our operational installations.

Still in 4Q22, the Company concluded the commissioning of the Macau Cluster's oil-water separation plants. This project enables the Company to independently specify production within the regulatory parameters and carry out the measurement of the volumes produced in a fiscal manner, which is the basis for billing. In addition, the project has contributed to optimization of the process for reinjection of fluids in the reservoir, which is a key step in our process for revitalization of mature fields and further minimizes discard via underwater emissaries.

Although they are still in the initial developmental phase, the Company points out its engagement: (i) in the Project for Monitoring Rock-filling at the Macau Cluster, which tracks the environmental variables at the beach known as the Praia de Soledade and guarantee the operational safety for the region's onshore production fields, which are noteworthy for the intense movement of the sandbanks that can deposit sand on and erode the coastline, and (ii) in partnership with the North-Rio-Grandense Association of Agronomic Engineers (ANEA), 3R is beginning the Reforestation Project, which aims to contribute to socioenvironmental sustainability by means of restoration of the forest cover of 100 hectares of legal reserve and permanent preservation of original Atlantic Forest that are in the process of degradation, as well as to carry out activities oriented to environmental education and strengthening of family agriculture in townships of the State of Rio Grande do Norte (RN).

3