3R Petroleum Óleo e Gás S A : Press Release 1Q23

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.

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EARNINGS REPORT | 1Q23

Results | 1Q23

Rio de Janeiro, April 26, 2023 - 3R Petroleum Óleo e Gas S.A. ("3R" or "Company") (B3: RRRP3) hereby reports its results for the first quarter of 2023 ("1Q23"). Except as indicated otherwise, the financial and operational information described hereinafter are presented on a consolidated basis, are expressed in Brazilian Reais (R$), and are in accordance with International Financial Reporting Standards - IFRS.

Leading Indicators

(In thousands of R$, except as indicated otherwise)	1Q23	1Q22	∆ Y/Y	4Q22	∆ Q/Q
Net Revenues	573,698	375,294	52.%	445,130	28.9%
		-21.6%		38.1%
Adjusted EBITDA	155,607	198,526	112,639
		-25.8 p.p.		1.8 p.p.
Adjusted EBITDA Margin	27.1%	52.9%	25.3%
		125.8%		34.6%
Total Production¹ (boe²/day)	20,691	9,164	15,375
		76.0%		56.2%
Average daily oil production (bbl/day)	13,350	7,686	8,660
		384.4%		6.6%
Average daily gas production (boe/day)	7,161	1,478	6,715
		-32.1%		18.1%
Average Oil Sale Price (US$/bbl)	63.7	93.8	77.8
		38.8%		1.1%
Average Gas Sale Price (US$/MMbtu)	8.2	5.9	8.1
		130.6%		19.4%
Lifting Cost (US$/boe)	23.1	10.0	19.4
¹ 3R Working Interest (WI)

QUARTER HIGHLIGHTS

2023 Priorities: Execution of the Business Plan

• Consolidation of portfolio with conclusion of transition processes underway: Potiguar & Pescada Clusters.
• Operational safety: intensification of integrity and maintenance activities for equipment and systems of facilities and infrastructure of production assets
• Execution: operational resilience and rise in production curve
• Investments: execution of Capex plan drawn up to support evolution of production
• Structure of capital: balanced, enhanced leverage, and support for investment plan

Wide-Ranging and Diversified Portfolio

• 7 of 9 assets already incorporated into portfolio, onshore and offshore operation in 4 sedimentary basins
• Updated certification of reserves, as of December 2022, and consolidated into a single certifying firm
• 516 million boe in certified 2P1 reserves, of which over two thirds (71%) are proven (1P) reserves
• 88% of our 2P reserves are oil and 12% involve natural gas reserves
• 89% of the Company's 2P reserves are in onshore or near-shore waters

1 Proven plus probable reserves (2P)

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EARNINGS REPORT | 1Q23

• Useful lifespan of our 2P reserves exceeds 15 years, considering estimated production peak

Greater Scale and Improvement of Production Systems

• Proforma portfolio2 posted 39.0 thousand (Th.) barrels of oil equivalent per day (boe/d) in 1Q23, with over half (54%) incorporated into 3R's portfolio
• Average daily production passed threshold of 20 Th. boe/d in 1Q23, +35% Q/Q or +126% Y/Y.
• Intensification of integrity and systems backup activities: search for greater resilience of production infrastructure
• Start of onshore drilling campaign, in March 2023 in the Potiguar Basin.

Consistent Financial Results and Optimization of Capital Structure

• Funding for Potiguar Cluster, US$ 1 billion in debts awaiting closing for disbursement
• Proposal to increase capital that can reach up to R$ 900 million: optimization of 3R capital structure and encouragement of shareholder base participation
• Record net revenues, R$ 573.7 million, growth of 28.9% Q/Q or 53% Y/Y
• Negotiation of new oil agreements in Bahia: expansion of portfolio of products sold and better commercial terms that should drive improved results in 2Q23.
• Adjusted EBITDA amounted to R$ 155.6 million in this past quarter, a rise of 38.1% Q/Q
• Adjusted EBITDA Margin of 27.1%, even considering transition expenses.
• Net income of R$ 16.1 million in this past quarter.
• Capex of US$ 32.7 million in 1Q23, with allocations focused on workovers, reactivation of wells and facilities.
• Lifting cost of US$ 23.1/boe in 1Q23

Conference in Portuguese	Conference in English
Thursday, April 27, 2023	Thursday, April 27, 2023
14:00 (BRT)	1:00 p.m. (US EDT)
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2 Includes 3R working interest in assets still in operational transition phase (65% of Pescada Cluster and 100% of Potiguar Cluster).

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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

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