Seacrest Petroleo Bermuda Limited: First quarter 2023 results

Rio de Janeiro, Brazil/Hamilton, Bermuda, 24 May 2023:  Seacrest Petroleo Bermuda Limited (“Seacrest Petroleo” or the “Company”) today reports interim results for the first quarter of 2023. Both the report and presentation are attached hereto and can be found on the Company’s website

First quarter highlights:

  • Completed IPO on Euronext Expand Oslo in February, raising a total of USD 260 million in gross proceeds (USD 234 million in net proceeds)
  • No reportable HSSE incidents in the quarter and for the last 12 months
  • Production of oil and gas up 25% from the preceding quarter
  • Acquisition of Norte Capixaba completed on 12 April 2023
  • Full-year 2023 production guidance of at least 8 800 boepd
  • Full-year production cost guidance of USD 24-26 per boe

Seacrest Petroleo’s oil and gas equivalent production was 2 297 boepd in the first quarter, an increase of 25% over the fourth quarter of 2022. The production growth continued into the second quarter, with combined production in April 17% higher than the pro forma production in the first quarter, including Norte Capixaba.

“We are very pleased with our operational performance during the first quarter of 2023, with average production per day at Cricaré being 2.6x higher than one year ago. With the Norte Capixaba acquisition completed on 12 April this year, Seacrest Petroleo is finally able to roll out its production ramp up plan in full force. The production numbers achieved during April give us confidence that we can reach our production targets for this year and deliver on our long-term strategy,” says Michael Stewart, Seacrest Petroleo CEO.

Today, Seacrest Petroleo has 140 mmboe of certified 2P 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 and has ambitions to more than triple the production in the next three years.

Webcast and Q&A session

Today, at 9:00 CEST, a presentation of the financial results and operational developments will be held by the President of the Executive Committee, Scott Aitken and Group CFO, Torgeir Dagsleth. The presentation will be conducted as a webcast. To access the presentation please use the following link:

Further, today at 15:00 CEST, the Company will host a live Q&A session, moderated by ABG Sundal Collier. Questions can be asked directly through the webcast. To access the Q&A session, please use the following link:

We recommend connecting 10 minutes prior to call start.  Information on how to ask questions will be given at the beginning of the Q&A session. There will be a limit of two questions per participant.

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.

This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Important information

Matters discussed in this announcement and the accompanying report and presentation 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 report and presentation 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 report and presentation speak only as at the date of this announcement, and are subject to change without notice.