Rio de Janeiro, Brazil/Hamilton, Bermuda, 22 August 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) today reported interim
results for the second quarter of 2023. Both the report and presentation are
attached hereto and can be found on the Company website
www.seacrestpetroleo.com.
Second quarter highlights:
- Completed the acquisition of Norte Capixaba for a closing consideration of USD
426.55 million’ - EBITDA of USD 1.5 million – our first positive quarter
- Pro Forma production of 8 795 boepd, 24% higher than the previous quarter (7074)
- Full-year 2023 production guidance of 8 700-8 900 bopd maintained
- Full-year production cost guidance unchanged at USD 24-26 per boe
- No serious category HSSE- incidents in the quarter and for the last 12 months
Seacrest Petroleo’s oil and gas equivalent production was 8 796 boepd in the second quarter, an increase of 24% from the first quarter of 2023.
“On April 12, 2023, Seacrest Petroleo completed the Norte Capixaba acquisition
from Petrobras. This was a milestone achievement in our plan and establishes the
Company as one of the most important independent oil producers in Brazil, having
acquired a prolific and integrated asset controlling production from wellhead to
seaborne offtake via 100% owned infrastructure. The transition since closing
has gone smoothly and average production per day has risen to 8 796 boepd for
the period. Our second quarter success gives us confidence that we are on track
to deliver on our long-term strategy,”– says Michael Stewart, CEO Seacrest
Petroleo
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 increase in production levels throughout the year and has ambitions to
more than triple production in the next three years.
Download the report and presentation here:
Seacrest Petroleo Q2 report Seacrest Petroleo Q2 presentation
Webcast and Q&A session
Today, at 7:30 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:
https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230821_1
Further, today at 15:00 CEST, 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:
https://teams.microsoft.com/l/meetup-join/19%3ameeting_NGU3NTM1NTAtMDYxNS00ZDkxLWJlNDQtOTA5OTMwOTllNWVh%40thread.v2/0?context=%7b%22Tid%22%3a%22811757c0-87b7-42c0-b9b9-b1b69d720961%22%2c%22Oid%22%3a%2245b20617-0a48-4e69-ae3a-a85b4151cb38%22%7d
For further information, please contact
Torgeir Dagsleth, Group CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970
E-mail: torgeir.dagsleth@seacrest.com
The information this press release and the accompanying report and presentation
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 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.
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 and the accompanying report and presentation 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.