Seacrest Petroleo Bermuda Limited: First quarter 2023 production and offtake update

Rio de Janeiro, Brazil/Hamilton, Bermuda, 20th April 2023: Seacrest Petroleo Bermuda Limited (“Seacrest Petroleo” or the “Company”) will publish its financial report for the first quarter 2023 on Wednesday, 24 May. Today, the Company provides an update on production and sales volumes and other relevant items for the period.

Seacrest Petroleo’s net production of oil and natural gas averaged 2,228 boepd in the first quarter of 2023, up 21% from the fourth quarter of 2022 and 2.7x higher than production in the first quarter of 2022. The production refers only to the Company’s 100% owned Cricaré Cluster.
The production split in the first quarter was stable from the previous quarter, with 92% oil and 8% gas. Total volumes of oil produced in the first quarter were 183 kboe whereas volumes sold in the quarter amounted to 134 kboe. The volumes sold refer solely to oil, because the gas produced is used internally in the Company’s operations.

Seacrest Petroleo obtained an average realised oil price of USD 66.3 per bbl in the quarter.

Q1 2023 Q4 2022 Q1 2022
Production (boepd)
Oil 2044 1641 803
Gas 184 197 30
Total 2228 1839 834
Realised prices (USD/bbl)
Oil 66.3 76.5 92.7
Volumes sold/lifted (000 bbl)
Oil 134 139 22
Total oil production (000 bbl) 183 151 72
Over/(Underlift) (000 bbl) (50) (12) (50)

As previously communicated, the Company completed the acquisition of the Norte Capixaba Cluster on 12 April 2023 and took over operations on the same date. Production and revenues from the Norte Capixaba Cluster will be included in the Company’s accounts from 13 April 2023. For purposes of future comparisons, the pro forma production, including the Norte Capixaba Cluster in the first quarter of 2023, were as follows:

Pro forma incl. Norte Capixaba Q1 2023 Q4 2022 Q1 2022
Production (boepd)
Oil 6 686 6184 6 248
Gas 321 360 206
Total 7 008 6544 6 454

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.
The pro forma financial information presented above does not purport to represent what the Company’s actual balance sheet or statement of profit or loss would have been had the events which were the subject of the adjustments occurred on the relevant dates. Such pro forma financial information does not include all of the information required for financial statements under IFRS.

Other items
Seacrest Petroleo will release its quarterly results on 24 May at approximately 07:00 CET
Further details will be released closer to the release date.

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.

Notice to reader
Seacrest Petroleo’s results presented in this press release are, unless otherwise stated, based on IFRS and have not been externally reviewed and audited. The financial information presented herein is based on internal management accounts, is the responsibility of management and has not been externally audited, reviewed or verified. Although we believe the information to be reasonable, actual results may vary from the information contained above and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the quarter or any future period.

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.

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