Seacrest Petroleo has reported interim results for the first quarter of 2023.
First quarter highlights:
- Completed IPO on Euronext Expand Oslo in February, raising a total of USD 260 million in gross proceeds (USD 234 million in net proceeds)
- No reportable HSSE incidents in the quarter and for the last 12 months
- Production of oil and gas up 25% from the preceding quarter
- Acquisition of Norte Capixaba completed on 12 April 2023
- Full-year 2023 production guidance of at least 8,800 boepd
- Full-year production cost guidance of USD 24-26 per boe
Seacrest Petroleo’s oil and gas equivalent production was 2,297 boepd in the first quarter, an increase of 25% over the fourth quarter of 2022. The production growth continued into the second quarter, with combined production in April 17% higher than the pro forma production in the first quarter, including Norte Capixaba.
'We are very pleased with our operational performance during the first quarter of 2023, with average production per day at Cricaré being 2.6x higher than one year ago. With the Norte Capixaba acquisition completed on 12 April this year, Seacrest Petroleo is finally able to roll out its production ramp up plan in full force. The production numbers achieved during April give us confidence that we can reach our production targets for this year and deliver on our long-term strategy,' says Michael Stewart, Seacrest Petroleo CEO.
Today, Seacrest Petroleo has 140 mmboe of certified 2P oil and gas reserves and ranks as the third largest onshore oil and gas producer in Brazil. The Company expects a gradual rise in production levels throughout the year and has ambitions to more than triple the production in the next three years.
