Seacrest Petroleo has announced the release of an updated Competent Person’s Report with estimates of the Company’s oil and gas reserves as of 31 December 2023. The report was produced by DeGolyer and MacNaughton.
Scott Aitken, President of the Executive Committee, said: 'When we provided our 2024 guidance in February, we emphasised that our long-term strategy of tripling oil production within 2027 is unchanged. We are delighted that this external report confirms our asset quality and our ability to meet this guidance. The report also highlights the progress we have made in raising our proven production base, an important factor supporting access to capital markets and limiting downside risk.'
Key highlights include:
- Strategy of more than tripling oil production within 2027 maintained
- 2P organic reserve replacement rate of 242%, including 2 293% natural gas reserves replacement, certifying steam-injection fuel self-sufficiency until 2040
- Material increase in medium-term proved production, resulting in 2024-2028 cumulative Proved Developed Producing FCF up 50% to US$390m and Proved Developed FCF up 7% to US$681m
- Maintained life of field opex and capex cost estimates
A copy of the report and a Company presentation summarising key highlights of the report are attached below.
About Seacrest Petroleo
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. The Company has exclusive control over its infrastructure, continuously from field production to offshore tanker loading terminal, allowing for cost-effective operations, and enabling direct access to markets for its premium grade products. The Company has offices in Bermuda, Norway and Brazil.
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Source: Seacrest Petroleo
