Seacrest Petroleo Bermuda Limited: Third quarter 2024 unaudited results

20 Nov 2024 07:00 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 20 November 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") today reported third
quarter 2024 unaudited results. The report and results presentation are
attached hereto and can be found on the Company website
www.seacrestpetroleo.com.

"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:

i. Raised USD 8 million via convertible bond offering
ii. 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_Y2JkYzc0NzUtMDY4Yi00YmIzLWJ
kM2YtY2M1OTQ1Nzc4ZmQ4@thread.v2/0?context=%7B%22Tid%22:%22811757c0-87b7-42c0-b9b
9-b1b69d720961%22,%22Oid%22:%225c427cc3-2a1d-47ea-b8d4-e04dc0ae8309%22%7D
(https://teams.microsoft.com/l/meetup-join/19:meeting_Y2JkYzc0NzUtMDY4Yi00YmIzLW
JkM2YtY2M1OTQ1Nzc4ZmQ4@thread.v2/0?context={"Tid":"811757c0-87b7-42c0-b9b9-b1b69
d720961","Oid":"5c427cc3-2a1d-47ea-b8d4-e04dc0ae8309"})

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.

This information has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2024-11-20 07:00 CET.

More information:
Access the news on Oslo Bors NewsWeb site

632685_Seacrest Petroleo Q324 Report.pdf
632685_Seacrest Petroleo Q324 Presentation.pdf