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

Rio de Janeiro, Brazil/Hamilton, Bermuda, 24 October 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) will publish its
financial report for the third quarter 2023 on Tuesday, 21 November. Today, the
Company provides an update on production and sales volumes and other relevant
items for the period.

Download as pdf

Seacrest Petroleo’s net production of oil and natural gas averaged 9,204 boepd
in the third quarter of 2023, 5% higher than the production in the second
quarter of 2023 and 5.7 times the production in the third quarter of 2022.

As previously announced, July and August production in Norte Capixaba was
impacted by electrical systems issues, but exceeded 10,000 boepd (9,179 bopd)
during September. The Inhambu drilling programme in Cricaré started in the
second half of September and continues with 8 to 11 new wells expected to be
drilled in 2023. The boiler system at the Terminal Norte Capixaba is now
commissioned, we are no longer purchasing C5 diluent, and the monobuoy valves
have been repaired and replaced. Third party certification of the terminal for
IMO2020 operations has been scheduled for the next available window which is

The volume of oil produced in the third quarter was 771 kbbls. The volume of oil
sold in the quarter amounted to 640 kbbls, resulting in an underlift position ;
this was attributable to a late September offtake being delayed to October due
to vessel availability. Seacrest Petroleo obtained an average net realized oil
price of USD 79.1 per bbl in the quarter.

The production split in the third quarter was in line with the previous quarter,
with 91% oil and 9% gas. The volumes of gas produced are used solely in the
Company’s own operations.

Table for quarterly Production and Offtake Update

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

For further information, please contact:
Torgeir Dagsleth, Group 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 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.

Notice to reader
Seacrest Petroleo’s results presented in this press release are, unless
otherwise stated, based on IFRS and have not been externally reviewed and
audited. The financial information presented herein 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
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 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 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 speak only as at the date of this release
and are subject to change without notice.

View disclosure and attachments on Newsweb