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Seacrest Petroleo Bermuda
Seacrest Petroleo Bermuda (SEAPT) investor relations material
Seacrest Petroleo Bermuda has been delisted
Seacrest Petroleo Bermuda Q3 2024 (Q&A) earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 (Q&A) earnings summary20 Nov, 2024
Executive summary
Q3 2024 production averaged 6,843 boepd, down 14% sequentially due to temporary ANP-mandated site modifications, with current production at 6,750 barrels per day and projections to maintain 6,800 barrels per day by year-end, pending new CapEx inflows.
Drilling campaigns have added 10 new wells, with three already producing and the remainder awaiting completion pending CapEx availability; all drilled on time and on budget.
Q3 2024 saw a net loss of USD 35.8 million, reversing a net profit of USD 5.5 million in Q2, driven by lower production, reduced realized prices, and higher costs.
The company is finalizing a farm-down deal and minority investment, expected to close within the year, which will significantly improve net debt and liquidity.
No serious incidents reported during the quarter, though a steam leak incident in October caused minor environmental impact and was remediated.
Financial highlights
Q3 revenue was USD 41.7 million, down 11.7% from Q2 2024, impacted by a USD 1.1 million realized hedging loss.
EBITDA was negative USD 8.9 million; cash flow from operations improved to USD 8.5 million.
Net debt position is expected to improve substantially after the farm-down transaction, with ongoing discussions to adjust bank covenants.
Liquidity is being managed through forbearance agreements with banks and the release of a USD 9.8 million debt service reserve account.
Production cost per boe rose to USD 28.3 in Q3 2024, up from USD 26.2 in Q2.
Outlook and guidance
2024 average production guidance is 6,800–6,900 bopd; total production (including gas) is 7,500–7,600 boepd, with exit rate now ~7,400 boepd.
Production is expected to increase to approximately 7,800–7,900 barrels per day once all drilled wells are completed, achievable within eight weeks after CapEx is received.
Production cost guidance is USD 24–28 per boe for 2024; capex guidance reduced to USD 38 million due to funding pause.
No formal production or CapEx guidance for 2025 or 2027 has been issued yet, but operational plans and licensing are in place to support future growth.
Capex, wells drilled, and production guidance reduced pending completion of funding plan.
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Frequently asked questions
Seacrest Petroleo Bermuda Limited is an upstream oil and gas company focused on the operation and redevelopment of mid-life oil and gas fields in Brazil. It owns and operates the Cricaré Cluster and the adjacent Norte Capixaba Cluster, both located in Brazil. The company's strategic approach includes the acquisition and redevelopment of onshore fields, coupled with an integrated export infrastructure that supports its production and sales activities. The company is headquartered in Hamilton, Bermuda, and its shares are listed on the Euronext Expand Oslo.
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