Seacrest Petroleo Bermuda Limited: Second quarter 2024 unaudited results

“A new era has begun at Seacrest Petroleo. We have achieved our first quarter of positive earnings. Our 300-well infill drilling programme, the largest onshore Brazil, is now progressing well, with eight new wells drilled since June. We are delighted by the performance we have demonstrated, with drilling time to target depth consistently coming in below plan assumptions. Production levels at our infill wells have also been encouraging, reaffirming the potential of our assets. We have tremendous opportunities ahead of us, and in support of these we are strengthening our financial foundations. Management, major investors and creditors have all demonstrated confidence in our business plan. We have agreed amendments with lenders and bondholders to waive the leverage ratio covenants for the second quarter and, subject to a USD 20 million cash injection from our convertible bond issue, the third quarter 2024. We have started the process of refinancing our existing debt to establish a capital structure consistent with us now having entered a positive earnings phase. We are just getting started.” – says Jose Cotello, CEO, Seacrest Petroleo Bermuda Limited

First positive quarterly earnings

• First positive quarterly earnings per share of USD 0.0153
• Revenues of USD 47.2 million, a 3% increase from the first quarter, including the impact of realised hedging loss of USD 3.1 million
• EBITDA of USD 9.5 million, up from USD 7.9 million in the first quarter, including the impact of realised hedging loss of USD 3.1 million
• Positive Cash flow from operations of USD 0.2 million, up USD 56.0 million from the first quarter which included a USD 35.3 million payment to Petrobras
• Realized oil price of USD 74.7/bbl, including the impact of realised hedge losses
• Cash position of USD 24.8 million

Operational performance

• Total production 7 959 boepd in the quarter, down 5% sequentially. During the quarter, the Company experienced some degraded light-oil production facilities performance; these have been rectified, with the quarter ending production at ~8 400 boepd
• Production cost per boe USD 26.2 for quarter, up 10% sequentially driven by a drop in volumes produced and cost increases.
• No serious incidents occurred in the second quarter

Strategic priorities

• Excellent drilling performance, with eight wells drilled with new rig, and drilling time averaging below plan
• Encouraging production rates from infill wells: two wells drilled, with first batch producing at 15% above previously drilled Petrobras wells at same field
• Petrobras work on north subsea pipeline at Terminal Norte Capixaba ongoing, with certification expected in October
• Reinforcing financial strength:
  • In advanced stage of securing new financing via convertible bond offering
  • Agreed amendments with lenders and bondholders to waive leverage ratio covenants for Q2 and, subject to USD 20m cash injection from convertible bond issuance, Q3 2024
  • Debt refinancing process started

Webcast and Q&A session

Today, at 18:00 CET, a presentation of the financial results and operational developments, held by the Group CEO Jose Cotello and Group CFO, Torgeir Dagsleth will be available at the following link:

https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20240830_5

Further, on Monday, 2 September 2024 at 14:00 CET, the Company will host a live Q&A session. Questions can be asked directly through the webcast. We recommend connecting 10 minutes prior to the 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.

To access the Q&A session, please use the following link:

https://teams.microsoft.com/l/meetup-join/19:meeting_Y2RiOGVlNDQtNjhhYi00YTk0LWE5MjQtYTEzMzFjNzEzYmNj@thread.v2/0?context=%7B%22Tid%22:%22811757c0-87b7-42c0-b9b9-b1b69d720961%22,%22Oid%22:%225c427cc3-2a1d-47ea-b8d4-e04dc0ae8309%22%7D

For further information, please contact:

Torgeir Dagsleth, CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970
E-mail: torgeir.dagsleth@seacrest.com

John de los Santos, Head of Investor Relations
Seacrest Petroleo Bermuda Limited
Tel. +44 79 4971 4756
E-mail: john.santos@seacrestpetroleo.com

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.

This information has been submitted pursuant to the Securities Trading Act § 5-12 and MAR Article 19 no. 3. The information was submitted for publication at 2024-05-22 07:00 CEST.