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

Rio de Janeiro, Brazil/Hamilton, Bermuda, 22 January 2024: Seacrest Petroleo Bermuda Limited (“Seacrest Petroleo” or the “Company”) will publish its financial report for the fourth quarter 2023 on Tuesday, 27 February. 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 8,221 boepd in the fourth quarter of 2023, 11% lower than the production in the third quarter of 2023, but 4.5 times the production in the fourth quarter of 2022.

Oil production in 2023 averaged 7,646 bopd, above the upper end of the 7,400-7,600 bopd revised guidance for the year. This outperformance was driven by a faster than anticipated recovery in production following the resumption of offtakes in late November and favourable weather conditions in December.

The volume of oil produced in the fourth quarter was 682 kbbls. The volume of oil sold in the quarter amounted to 763 kbbls, resulting in an overlift position. Seacrest Petroleo obtained an average net realized oil price of USD 84.7 per bbl in the quarter.

The production split in the fourth quarter was in line with the previous quarter, with 90% oil and 10% gas. The volumes of gas produced are used solely in the Company’s own operations.

Table for quarterly Production and Offtake Update:

Production (boepd) Q4'23 Q3'23 Q4'22
Oil 7 409 8 376 1 639
Gas 811 828 197
Total 8 221 9 204 1 836
Net realised oil price (USD/bbl) 84.7 79.2 76.2
Volumes ('000 bbls)      
Offtake of oil 763 640 140
Production of oil 682 771 151
Difference 81 (130) (11)
Total production by asset (boepd) Q4'23 Q3'23 Q4'22
Cricaré 1 792 3 208 1 836
Norte Capixaba (Seacrest operated from 12/04/23) 6 428 5 996 4 698
Total 8 221 9 204 6 534

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 27 February at approximately 07:00 CET. Further details will be released closer to the release date.

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