Seacrest Petroleo Bermuda Limited: First quarter 2024 unaudited results

22 May 2024 07:00 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 22 May 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") today reported first
quarter 2024 unaudited results. The report and results presentation are
attached hereto and can be found on the Company website
www.seacrestpetroleo.com.

"Seacrest Petroleo has progressed its strategic priorities during the year to
date. An updated Competent Person's Report reaffirmed our asset quality and
the viability of our long-term strategy. In April, we signed a drilling
services partnership with PetroReconcavo enabling us to accelerate the restart
of our infill drilling programme. We also secured an amendment to our USD 300
million credit agreement removing the first quarter 2024 leverage ratio
covenant test, a signal of continuing confidence in our business plan. While
delays to work being carried out by Petrobras on the subsea pipelines at our
terminal have delayed our ability to realise premium pricing for our oil, we
have now produced and stored oil in accordance with the offtake contract VLSFO
pricing specification. The Company remains fully focused on executing on our
300 infill well drilling programme -- the largest onshore Brazil." -- says
Scott Aitken, President of the Executive Committee, Seacrest Petroleo Bermuda
Limited

Financial results affected by offtake scheduling and lower realised oil prices
Revenues of USD 46.0 million, a 29% decrease from the fourth quarter,
including the impact of realised hedging loss of USD 1.7 million
EBITDA of USD 7.9 million, down from USD 12.0 million in the fourth quarter,
including the impact of realised hedging loss of USD 1.7 million
CFFO of negative USD 55.8 million, a USD 80.9 million sequential decline and
including USD 35.3 million payment to Petrobras
Average realised oil price of USD 70.4/bbl, including the impact of realised
hedge losses
Cash position of USD 39.9 million

Operational performance
Total production 8 377 boepd in the quarter, up 2% sequentially on flat well
count
Production cost per boe USD 23.8 for quarter, down 15% sequentially due to
Q1'24 reverting to normalised levels (Q4'23 was impacted by an offtaker force
majeure)
Stable well reliability in the quarter
No serious incidents incurred in the first quarter

Strategic priorities
CPR reaffirmed asset quality and value with 2023 2P organic reserve
replacement ratio of 242%
Encouraging initial production rates from first two infill wells at Inhambu
provided further assurance of reservoir characteristics.
Signed strategic partnership with PetroReconcavo for drilling services and
accelerating restart of drilling programme
Continuing work with our lenders towards aligning covenant framework with
business plan timing
On-spec oil now in storage tank, certification for IMO2020 operations
delayed pending completion of work by Petrobras on subsea pipelines

Webcast and Q&A session

Today, at 7:00 CET, 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/landingpage/hegnarmedia/20240521_1/
(https://can01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fchannel.royal
cast.com%2Flandingpage%2Fhegnarmedia%2F20240521_1%2F&data=05|02|john.santos%40Se
acrestpetroleo.com|8e7957d1d25844494c8308dc798b2d78|811757c087b742c0b9b9b1b69d72
0961|1|0|638518885875327141|Unknown|TWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2lu
MzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D|0|||&sdata=oke7TTBTTcHMlGaVesx8tQFQLmlTAwuLc6
EVXhmrRuc%3D&reserved=0)

Further, today at 15:00 CET, 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:

Link
(https://teams.microsoft.com/l/meetup-join/19:meeting_N2RhMjdiYmEtM2Y5OS00NWVjLW
IyNWUtOTY3NjVmNzhhYzNj@thread.v2/0?context=%7B%22Tid%22:%22811757c0-87b7-42c0-b9
b9-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.

More information:
Access the news on Oslo Bors NewsWeb site

619312_Seacrest Petroleo Q124 Report.pdf
619312_Seacrest Petroleo Q124 Presentation.pdf