Seacrest Petroleo Bermuda Limited: Third quarter 2024 unaudited results

“During the third quarter we proved our ability to execute our drilling program within schedule and on budget. With a single rig, we drilled ten wells at a rate of approximately four per month. Several of these new infill wells have started producing, achieving initial production rates in line with expectations. Our good drilling performance and reassuring well performance have de-risked the core operating element of our strategy. We have also made progress on our financial strategy to strengthen our capital structure. Since we reported second quarter results, we raised USD 8 million in a convertible bond and in October entered into term sheets for an investment in one of our subsidiaries and for an offtake prepayment arrangement which, if implemented, will result in additional liquidity of up to USD 257 million in aggregate. I also want to thank our operating team members in the field. They have taken every opportunity over the past year to demonstrate their ability to rapidly and safely respond to challenges. With the right capital structure in place, I have no doubt that Seacrest Petroleo has the talent and the assets to execute on our long-term strategy.” – says Jose Cotello, CEO, Seacrest Petroleo Bermuda Limited

Quarterly earnings

• Quarterly loss per share of USD (0.099)
• Revenues of USD 41.7 million, an 11.7% decrease from the second quarter, including the impact of realised hedging loss of USD 1.1 million
• EBITDA is negative USD 8.9 million, down from positive USD 9.5 million in the second quarter, including the impact of realised hedging loss of USD 1.1 million
• Positive Cash flow from operations of USD 8.5 million, up from positive USD 0.2 million from the second quarter
• Realized oil price of USD 60.7/bbl, including the impact of realised hedge losses
• Cash position of USD 18.5 million

Operational performance

• Total production 6 843 boepd in the quarter, down 14% sequentially. During the quarter, the Brazilian National Agency for Petroleum, Natural Gas and Biofuels (ANP) required the Company to construct modifications on truck loading sites which resulted in a temporary reduction of production.
• Production cost per boe USD 28.3 for quarter, up 8% sequentially, driven by a 13% drop in volumes partially offset by a 5% drop in gross production cost.
• No serious incidents occurred in the third quarter. In October, one infill well that was not yet producing oil experienced a steam leak; the impact to the surrounding area was light, with no injuries to personnel, and cleanup is now substantially complete.

Strategic priorities

• Good infill drilling results, with ten wells drilled with new rig, and initial production consistent with expectations
• Reinforcing financial strength:

1. Raised USD 8 million via convertible bond offering
2. Debt refinancing process ongoing

Webcast and Q&A session

Today, at 7:00 am CET, a presentation of the financial results and operational developments will be held by the CEO, Jose Cotello, and CFO, Thomas Kandel. The presentation will be conducted as a webcast. To access the presentation, please use the following link:

https://seacrestpetroleo.com/investor/reports-and-presentations/

At 3:00 pm 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_Y2JkYzc0NzUtMDY4Yi00YmIzLWJkM2YtY2M1OTQ1Nzc4ZmQ4@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:

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 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.