Welcome to the presentation of Seacrest Petroleo's Second Quarter 2023 Results. We are an independent oil and gas production company with a uniquely integrated portfolio of producing fields and export infrastructure in Brazil, where we are the third-largest onshore operator. This is the first quarter where we have operated both our assets, Cricaré and Norte Capixaba, and so is more representative of our operations going forward than was the first quarter. Please review our disclaimer in detail when you have a moment. Today's presentation will be held by myself, Scott Aitken, Director and President of the Executive Committee, and Torgeir Dag- Dagsleth, Chief Financial Officer. This was the first quarter with Norte Capixaba production included. We raised production by 24% from the first quarter and drove down production costs to $24 per barrel of oil equivalent, resulting in our first positive EBITDA. We are particularly satisfied with our integration efforts in Norte Capixaba upon taking over on 13th of April this year. Despite some operational issues in July, our production ramp-up is on track for the year, and we maintain our production guidance for 2023. We also maintain our mid-term production target and reiteration of our ambition to be in a dividend-paying position from the end of 2024. Here are some key performance indicators which Torgeir will address in more detail during his section. We'll now move on to the operational review, which summarizes the performance during the quarter. Our production is rising according to plan. Total production at Cricaré increased 31% from the first quarter, driven solely by production and steam injection optimization. It is now five times higher than when we took over from the prior operator. At Norte Capixaba, we immediately allocated all four of our workover rigs to a well repair program, reflecting the higher production per well in this younger asset. We completed gas zones in existing wells to replace the Petrobras offshore gas supply with our own organic gas production. It is a great credit to our operations team that this gas switchover was affected safely and successfully overnight during the asset handover. Our strong track record versus our peers continues at Cricaré, and indeed now has been established at Norte Capixaba. Cricaré, specifically, is outperforming the Competent Person's Report during the review with the reserves auditor, illustrating the potential for a higher reserves recovery factor. On the left chart, we show how the steam cycles are achieving higher production per cycle on our heavy oil fields, and on the right side, you can see that the light oil fields significantly exceed the benchmark assumptions of the previous operator as a result of our diligent production optimization protocols. During the quarter, we added Rogerio Vazquez as Senior Vice President for Development, a former PetroReconcavo onshore production manager in Brazil, joining us directly from Chevron, where he led heavy oil teams in their California steam flood operations with an industry-leading recovery factor. We expect that this insight he brings will continue to drive higher recovery factors and production in our heavy oil fields. As you can see on the left chart, we focused our four workover rigs in the quarter onto Norte Capixaba, which has the most productive wells, as you can see from the middle chart, maximizing the impact of returning wells to production for every day of rig use. The number of wells at the end of the quarter was now 302 and will be rising further in the coming months. Well, productivity shows strong growth at Cricaré due to the higher uptime, as shown by the mean time between failure performance in the right-hand chart. Driving down production costs. We're very pleased with our production cost reduction during the quarter, reflecting not only the scale from the acquisition of Norte Capixaba, but also a constant focus on driving down costs, such as in situ water disposal to reduce trucking and additional operational cost synergies. We maintain our guidance for the full year. We are already in line for the first six months and have reduced below our guidance during June. As mentioned in the report, we have adopted the Brazilian industry standard in excluding royalties and the cost of oil acquired. The historical numbers have therefore been restated from those published in the first quarter report. At the Terminal Norte Capixaba, we continue to work on track to complete the repair and maintenance work, which is an important milestone for us. Once completed, we will be able to finally deliver on-spec IMO 2020 compliant Very Low Sulphur Fuel Oil through our offtake agreement with Mercuria. This is expected during September. This is a premium product, which is expected to generate premium pricing over Brent Crude. Our ramp-up plan continues to add significant production. During Q2, production grew 24% over Q1. July, the ramp-up rate was slowed due to electrical system reliability issues, prompting an acceleration of our proactive electrical system upgrade program. We have also accelerated the fifth workover rig and shall commence drilling during September in the Inhambu field in Cricaré as planned. We've also implemented an extensive improvement program across the logistics infrastructure to mitigate production risks during the rainy season from November to January. We are maintaining our full year production guidance, which implies an average production of oil of over 10,000 barrels per day for the second half of the year. We're pleased to report that we've continued to have an excellent HSSE performance, with no serious incidents since taking over operations at the beginning of last year. Safe and responsible operations are a mantra for the company. We had one minor reportable spill of hydrocarbons during the quarter, one cubic meter, which was handled swiftly. We take this as a valuable learning experience and a reminder to always stay focused on health, safety, and environmental performance. I'll now hand over to Torgeir to take us through the financial section. Thank you, Torgeir. Thank you, Scott. Our revenues increased sixfold over the first quarter on improved pricing and a jump in the offtake volumes. The volume sold includes approximately 100,000 barrels of oil and diluent purchased from a third party. These purchases ended on August 18th, in line with the planned reinstatement of the terminal to OAM specifications. Lower production costs per barrel resulted in our first positive EBITDA. An operating profit was negative due to a very aggressive depreciation and amortization, primarily a result of a low 1P reserves reported by the previous operator. Next financial year, the depreciation and amortization will be based on our own reported 1P reserves. Cash flow from operations were positive for the quarter, but are subject to significant accounting adjustments in relation to the Norte Capixaba acquisition. The high CapEx number reflects the Norte Capixaba acquisition, including intangible and tangible assets transfer. Net interest-bearing debt increased significantly, again, as expected from the Norte Capixaba acquisition. Realized oil prices improved quarter on quarter, while total production of oil increased 3.5X from the 1st quarter. We also moved from an underlift position to a substantial overlift position, primarily explained by the increased production, but also due to the 100,000 barrels of oil and diluent purchased from a third party. Seacrest is only selling oil, as the gas is used for internal purposes. We continue to look for ways to sell the gas production in the future. Our hedge program was stable quarter on quarter, at more or less flat average prices versus what we reported in the Q1 presentation. The hedges are a requirement by the lenders of our new credit agreement. CapEx in the quarter was almost entirely related to the Norte Capixaba acquisition. The net purchase price paid in the quarter was $426.6 million, while the other assets included in the CapEx relate to assets transferred in connection with the acquisition. Our cash position reversed in the quarter, as expected, in connection with the Norte Capixaba acquisition, which drew on our new credit agreement, as well as available cash from the IPO. Our cash position at the end of the quarter is sufficient for our business plan, and we have progressed further working capital facilities to enhance the financial flexibility. Our balance sheet changed significantly from Q1 to Q2 due to the Norte Capixaba acquisition. Most of the assets acquired are recorded as intangible assets. Interest-bearing debt increased by $250 million, while there was a significant draw on cash in relation to the acquisition. Our equity ratio declined from 42%- 23%. The main items of the new credit agreement are found on the right-hand side of the slide, further details can be found in the IPO prospectus, available on our website. We would highlight that there is no amortization required for the first two years of the loan, and the call option applies after 12 months. We maintain all our guidance elements for 2023 from the Q1 presentation, and we believe our performance in the first half of the year provides a good comfort. Now over to Scott to wrap up. Thank you, Torgeir. In summary, we've had a successful handover of the Norte Capixaba asset during the beginning of the quarter, resulting in a substantial rise in our offtake volumes. The ongoing production ramp-up remains very much on plan through our field optimization activities and commencement of drilling during the third quarter. Our ability to deliver on-spec IMO 2020 fuel oil remains on plan for the end of Q3 as well. The slower production ramp-up during July is being mitigated with the acceleration of a fifth workover rig and the commencement of drilling. Therefore, we're maintaining our 2023 guidance for production and costs. We also maintain our mid-term target of 21,000 barrels of oil per day by the end of 2025. Finally, we still have the ambition to put the company in a dividend-paying position by the end of 2024. Thank you for your time and interest, in our company, and hopefully you can join us for the Q&A session.
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