Rio de Janeiro, Brazil/Hamilton, Bermuda, 25 April 2023: Seacrest Petroleo Bermuda Limited (“Seacrest Petroleo” or the “Company”) today publishes its 2022 Annual Report and supplementary fourth quarter 2022 results. Both reports are attached hereto and can be found on the Company website www.seacrestpetroleo.com.
Seacrest Petroleo was listed on Euronext Expand Oslo on 23 February 2022 after a successful IPO that raised USD 260 million in gross proceeds. The 2022 Annual Report therefore reflects the financial status of the Company prior to listing. Highlights from the consolidated 2022 results (2021 results):
- Revenues of USD 33.6 million (0 million)
- Operating losses of USD 34.2 million (USD 14.6 million)
- Net loss of USD 119.2 million (loss of USD 14.0 million)
- Total assets USD 217.2 million (USD 190.5 million)
- Average oil and gas production 1,372 bbls/d (0)
To provide additional granularity and to enable future quarterly comparisons, Seacrest Petroleo also provides a condensed report for the fourth quarter 2022. Highlights from the fourth quarter 2022 (fourth quarter 2021):
- Revenues of USD 10.6 million (0 million)
- Operating losses of USD 7.9 million (USD 7.7 million)
- Net loss of USD 25.5 million (USD 7.2 million)
- Average oil and gas production 1,839 bbls/d (0)
Important subsequent events after the date of the accounts include:
- USD 260 million IPO and subsequent listing on Euronext Expand Oslo under the ticker “SEAPT”
- Completion of the Norte Capixaba acquisition on 12 April with a closing consideration of USD 426.65 million, in addition to USD 35.85 million paid on signing the purchase contract in 2022 and up to USD 66 million of contingent payments that are dependent on future Brent prices
- Drawdown of a USD 300 million credit facility to acquire and restructure existing interest-bearing debt and to provide part of the funds for the Norte Capixaba closing consideration
- First quarter 2023 average oil and gas production of 2,297 boepd, a 25% increase from the fourth quarter 2022 and 2.8x higher than the first quarter 2022
- First quarter 2023 average pro forma oil and gas production, including Norte Capixaba, of 7,074 boepd, an 8% increase from the fourth quarter 2022 and 9% increase from the first quarter 2022
Today, Seacrest Petroleo has 140 mmboe of oil and gas reserves and ranks as the third largest onshore oil and gas producer in Brazil. The Company expects a gradual rise in production levels throughout the year, with volumes from Norte Capixaba having financial effect from the closing date. So far in April, the production from both Clusters has averaged approximately 7 700 bpd for oil and 8100 boepd in total, demonstrating the Company’s successful efforts of integrating the two Clusters and targeted well programme. Since the Norte Capixaba closing date, Seacrest Petroleo has been operating 4 workover rigs (up from 2 prior to that date) in order to deliver its ramp up plan.
For more information, see the attached reports.
Today, 25 April 2023, the Company will host a Teams meeting in a Q&A format to provide investors and interested parties with additional information about the 2022 financial results, as well as year to date financial and operational developments.
To join the Teams meeting at 14:00 CET on 25 April, use the following link:
For further information, please contact:
Torgeir Dagsleth, Group CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970
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. 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.
Matters discussed in this announcement and the accompanying reports may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “anticipate”, “believe”, “continue”, “estimate”, “expect”, “intends”, “may”, “should”, “will” and similar expressions. The forward-looking statements in this announcement and the accompanying reports 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 and the accompanying reports speak only as at the date of this announcement, and are subject to change without notice.