Seacrest Petroleo will publish its financial report for the first quarter 2024 on Wednesday, 22 May. Today, the Company provides an update on production and sales volumes and other relevant items for the period.
Seacrest Petroleo’s net production of oil and natural gas averaged 8,377 boepd in the first quarter of 2024, 2% higher than the production in the fourth quarter of 2023, and 3.6 times the production in the first quarter of 2023.
The volume of oil produced in the first quarter was 685 kbbls. The volume of oil sold in the quarter amounted to 644 kbbls, resulting in an underlift position. Seacrest Petroleo obtained an average net realized oil price of USD 70 per bbl1 in the quarter.
The production split in the first quarter was in line with the previous quarter, with 90% oil and 10% gas. The volumes of gas produced are used solely in the Company’s own operations.
Production from the first two infill wells drilled at the Inhambu field has commenced, with initial production rates in line with adjusted expectations following the Infill Drilling and Workover Update published on 30 January 2024. The Company is in the process of analysing and assessing the stabilised production performance and will apply relevant learnings to future wells as part of its 300-well infill drilling program, the largest such project onshore Brazil.
Source: Seacrest Petroleo
