With reference to its stock exchange announcement published on 17 March 2023, Seacrest Petroleo has announced that its subsidiary Seacrest Petróleo SPE Norte Capixaba Ltda. has completed the acquisition from Petrobras of the Norte Capixaba Cluster assets on 12 April 2023. The closing consideration paid to Petrobras was USD 426.65 million, which is in addition to USD 35.85 million paid on signing of the purchase contract on 23 February 2022 and up to USD 66 million of contingent payments that are dependent on future Brent prices.
The closing of the Norte Capixaba acquisition is a key step towards establishing Seacrest Petroleo as a leading onshore oil and gas producer in Brazil. The Company now has certified 2P reserves of 140 million barrels of oil equivalent and ranks as the third largest onshore oil and gas producer in Brazil. Combined production from the fully owned Cricarè Cluster and the Norte Capixaba Cluster is anticipated to be 8,064 bbl/d for Q2 2023, and the Company has a development plan to triple production by 2025. The Norte Capixaba Cluster comprises four onshore fields in the state of Espírito Santo, Brazil – Cancã, Fazenda Alegre, Fazenda São Rafael and Fazenda Santa Luzia – as well as extensive pipeline infrastructure, processing facilities and the Terminal Norte Capixaba offshore tanker loading terminal that enables the export sale of the Company’s premium priced very low sulphur fuel oil blend.
Michael Stewart, CEO of Seacrest Petroleo, commented: 'The completion of the Norte Capixaba acquisition is transformative for Seacrest Petroleo. We are now looking forward to executing on our strategy of profitable growth through a combination of low risk well activities and operational efficiencies in order to move towards a dividend paying position by the end of next year'.
Seacrest Petroleo is an independent oil and gas production company with an integrated portfolio of onshore producing oil fields and export infrastructure onshore in Espírito Santo, Brazil. The fields have estimated oil and gas in place volumes of 1.2 billion barrels of oil equivalents and certified 2P reserves of 140 million barrels of oil equivalents. Current production is 7,000 bbl/d which is expected to triple by 2025.
Source: Seacrest Petroleo
