PETRORECONCAVO S.A. “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
Financial results affected by offtake scheduling and lower realised oil prices
• Revenues of
• EBITDA of
• CFFO of negative
• Average realised oil price of
• Cash position of
Operational performance
• Total production 8 377 boepd in the quarter, up 2% sequentially on flat well count
• Production cost per boe
• 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
• 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
Webcast and Q&A session
Today, at
https://channel.royalcast.com/landingpage/hegnarmedia/20240521_1/
Further, today at
Link
For further information, please contact:
Torgeir Dagsleth, CFO
Tel. +47 958 91 970
E-mail: torgeir.dagsleth@seacrest.com
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
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.
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