Seacrest Petroleo Bermuda (SEAPT) Pareto Securities' 31st annual Energy Conference Presentation summary

Company overview

• Seacrest Petroleo is an independent oil and gas producer focused on redeveloping mid-life onshore fields in Brazil, with a fully integrated export terminal and infrastructure.

• Completed a $260 million IPO on Oslo Euronext in February 2023, operating 31 onshore fields with over 300 active wells and a 500 kbbl storage capacity.

• Holds 1.3 bnboe oil and gas in place, 86 mmboe 1P reserves, and 144 mmboe 2P reserves, targeting ~30k bbls/d oil production by 2027.

• Operates with competitive costs, low taxes and royalties, and a highly efficient organization.

• Market capitalization is materially below certified asset values, with a differentiated heavy sweet crude oil grade.

Leadership and management

• CEO José Cotello joined in June 2024, bringing over 30 years of oil and gas experience.

• Previously served as President, Brazil at Ecopetrol (2019-2024), overseeing pre-salt and equatorial margin operations.

• Achieved significant onshore production increases as Regional VP at Ecopetrol and COO at Petra Energia.

• Held various international roles at Schlumberger from 1989 to 2011.

Operational performance and growth

• Largest onshore drilling program in Brazil, with 11 infill wells drilled to date and an average of one new well per week.

• Drilling performance exceeds expectations, with new wells reaching target depth in ~4 days versus 5 days planned.

• Ready to mobilize additional rigs pending financing, aiming to de-risk a 300-well program.

• Focused on workovers and ramping up production, targeting further cost efficiencies and higher output.