Rio de Janeiro, Brazil/Hamilton, Bermuda, 12 April 2023: With reference to its
stock exchange announcement published on 17 March 2023, Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”, OSE ticker code “SEAPT”)
is pleased to announce that its subsidiary Seacrest Petróleo SPE Norte Capixaba
Ltda. has completed the acquisition from Petróleo Brasileiro S.A. – Petrobras of
the Norte Capixaba Cluster assets on 12 April 2023. The closing consideration
paid to Petrobras was USD 426.65 million, which is in addition to USD 35.85
million paid on signing of the purchase contract on 23 February 2022 and up to
USD 66 million of contingent payments that are dependent on future Brent prices.
The closing of the Norte Capixaba acquisition is a key step towards establishing
Seacrest Petroleo as a leading onshore oil and gas producer in Brazil. The
Company now has certified 2P reserves of 140 million barrels of oil equivalent
and ranks as the third largest onshore oil and gas producer in Brazil. Combined
production from the fully owned Cricarè Cluster and the Norte Capixaba Cluster
is anticipated to be 8,064 bbl/d for Q2 2023, and the Company has a development
plan to triple production by 2025. The Norte Capixaba Cluster comprises four
onshore fields in the state of Espírito Santo, Brazil – Cancã, Fazenda Alegre,
Fazenda São Rafael and Fazenda Santa Luzia – as well as extensive pipeline
infrastructure, processing facilities and the Terminal Norte Capixaba offshore
tanker loading terminal that enables the export sale of the Company’s premium
priced very low sulphur fuel oil blend.
Michael Stewart, CEO of Seacrest Petroleo, commented: “The completion of the
Norte Capixaba acquisition is transformative for Seacrest Petroleo. We are now
looking forward to executing on our strategy of profitable growth through a
combination of low risk well activities and operational efficiencies in order to
move towards a dividend paying position by the end of next year”.
For further information, please contact:
Torgeir Dagsleth, Group CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970
E-mail: torgeir.dagsleth@seacrest.com
Crux Advisers AS is acting as communications and investor relations adviser.
Senior Advisor Jan Petter Stiff
Crux Advisers AS
Tel. +47 995 13891
E-mail: jps@crux.no
About Seacrest Petroleo:
Seacrest Petroleo is an independent oil and gas production company with an
integrated portfolio of onshore producing oil fields and export infrastructure
onshore in Espírito Santo, Brazil. The fields have estimated oil and gas in
place volumes of 1.2 billion barrels of oil equivalents and certified 2P
reserves of 140 million barrels of oil equivalents. Current production is 7,000
bbl/d which is expected to triple by 2025. The Company has exclusive control
over its infrastructure, continuously from field production to offshore tanker
loading terminal, allowing for cost-effective operations, and enabling direct
access to markets for its premium grade products. The Company has offices in
Bermuda, Norway and Brazil.
Important information
Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as “anticipate”, “believes”,
“continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar
expressions. The forward-looking statements in this announcement are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at the date of this
announcement, and are subject to change without notice.