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Seacrest Petroleo Bermuda (SEAPT) investor relations material
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 regulatory site modifications, with 10 new wells drilled and initial production in line with expectations.
Net loss of USD 35.8 million in Q3 2024, reversing a Q2 profit, driven by lower production, reduced prices, and higher costs.
Cash flow from operations improved to USD 8.5 million, with liquidity supported by forbearance agreements and reserve releases.
Strategic focus on closing the farm-down deal and strengthening the capital structure through new financing and debt restructuring.
No serious incidents reported in Q3, though a minor steam leak occurred in October with no injuries.
Financial highlights
Q3 2024 revenue was USD 41.7 million, down 11.7% from Q2, with a negative EBITDA of USD 8.9 million.
Production cost per boe rose to USD 28.3, and net interest-bearing debt increased to USD 398 million.
Free cash flow remained negative due to high capex and debt service.
Liquidity supported by forbearance agreements, debt service reserve release, and extended amortization from an off-taker.
Raised USD 8 million via convertible bond and entered term sheets for up to USD 257 million in new liquidity.
Outlook and guidance
2024 production guidance reduced to 7,500–7,600 boepd, with exit rate near 7,400 boepd; capex guidance cut to USD 38 million.
Production cost guidance for 2024 is USD 24–28 per boe.
Ambition to more than triple production by 2027, contingent on successful CapEx injection and farm-down closure.
Drilling to resume in Q1 2025, subject to capital availability.
No formal guidance for 2025–2027, but management remains confident in reserve potential and ramp-up post-farm-down.
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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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