Seacrest Petroleo Bermuda Limited: First quarter 2024 unaudited results

Rio de Janeiro, Brazil/Hamilton, Bermuda, 22 May 2024: Seacrest Petroleo Bermuda Limited ("Seacrest Petroleo" or the "Company") today reported first quarter 2024 unaudited results. The report and results presentation are attached hereto and can be found on the Company website

“Seacrest Petroleo has progressed its strategic priorities during the year to date. An updated Competent Person’s Report reaffirmed our asset quality and the viability of our long-term strategy. In April, we signed a drilling services partnership with PetroReconcavo enabling us to accelerate the restart of our infill drilling programme. We also secured an amendment to our USD 300 million credit agreement removing the first quarter 2024 leverage ratio covenant test, a signal of continuing confidence in our business plan. While delays to work being carried out by Petrobras on the subsea pipelines at our terminal have delayed our ability to realise premium pricing for our oil, we have now produced and stored oil in accordance with the offtake contract VLSFO pricing specification. The Company remains fully focused on executing on our 300 infill well drilling programme – the largest onshore Brazil.” – says Scott Aitken, President of the Executive Committee, Seacrest Petroleo Bermuda Limited

Financial results affected by offtake scheduling and lower realised oil prices
• Revenues of USD 46.0 million, a 29% decrease from the fourth quarter, including the impact of realised hedging loss of USD 1.7 million
• EBITDA of USD 7.9 million, down from USD 12.0 million in the fourth quarter, including the impact of realised hedging loss of USD 1.7 million
• CFFO of negative USD 55.8 million, a USD 80.9 million sequential decline and including USD 35.3 million payment to Petrobras
• Average realised oil price of USD 70.4/bbl, including the impact of realised hedge losses
• Cash position of USD 39.9 million

Operational performance
• Total production 8 377 boepd in the quarter, up 2% sequentially on flat well count
• Production cost per boe USD 23.8 for quarter, down 15% sequentially due to Q1’24 reverting to normalised levels (Q4’23 was impacted by an offtaker force majeure)
• Stable well reliability in the quarter
• No serious incidents incurred in the first quarter

Strategic priorities
• CPR reaffirmed asset quality and value with 2023 2P organic reserve replacement ratio of 242%
• Encouraging initial production rates from first two infill wells at Inhambu provided further assurance of reservoir characteristics.
• Signed strategic partnership with PetroReconcavo for drilling services and accelerating restart of drilling programme
• Continuing work with our lenders towards aligning covenant framework with business plan timing
• On-spec oil now in storage tank, certification for IMO2020 operations delayed pending completion of work by Petrobras on subsea pipelines

Webcast and Q&A session

Today, at 7:00 CET, 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 CET, the Company will host a live Q&A session, moderated by ABG Sundal Collier. We recommend connecting 10 minutes prior to the start of the call. Information on how to ask questions will be given at the start of the session. There will be a limit of two questions per participant. To access the Q&A session please use the following link:


For further information, please contact:
Torgeir Dagsleth, CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970

John de los Santos, Head of Investor Relations
Seacrest Petroleo Bermuda Limited
Tel. +44 79 4971 4756

This information is subject to the disclosure requirements pursuant to Section 5-12 of the Norwegian Securities Trading Act and the Euronext Rule Book part II.

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 144 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 and the accompanying report and presentation are, unless otherwise stated, based on IFRS and have not been externally reviewed and audited. The financial information presented herein and in the accompanying report and presentation 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 in the accompanying report and presentation 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 press release 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", "believes", "continue", "estimate", "expect", "intends", "may", "should", "will" and similar expressions. The forward-looking statements in this release 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 release and the accompanying report and presentation speak only as at the date of this release and are subject to change without notice.