Welcome to the presentation of Seacrest Petroleo's fourth 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 have commenced the largest onshore drilling program of 300 infill wells. Please review our disclaimer when you have a moment. Today's presentation will be held by myself, Scott Aitken, President of the Executive Committee, and Torgeir Dagsleth, Chief Financial Officer. This is the contents of today's presentation. We'll start off by going through our operational highlights and challenges for the fourth quarter and 2023 as a whole. Fourth quarter oil production was 7,409 bbl of oil per day, 20% up on the same quarter in 2022. Full year oil production was 7,646 bbl of oil per day, 13% below original guidance, mostly due to the delay to the Norte Capixaba closing and the off-taker force majeure events in the fourth quarter. Despite this, operating costs per BOE were below the original guidance. The balance sheet has been strengthened following a $106 million debt and equity raise ahead of ramp-up of 300 well drilling program. You will recall that we started 2023 with a $260 million IPO, which happened to be the largest upstream oil IPO of the year. We grew asset production 82% year-end 2022 to year-end 2023 as a result of successfully executing our 91 well workover plan, delivering CPR PDNP production performance. But it was also a year of challenges as we undertook many activities for the first time. The main variances in the 13% negative production performance were electrical reliability issues after taking over Norte Capixaba and force majeure declaration by one of our off-takers, dramatically affecting November production. We will discuss the drilling and terminal performance on the subsequent slides. We delivered on four of five of our KPIs, apart from the 13% variance on oil production, as previously discussed. Now we will go into more detail on the 2024 plans and what we expect for production. The drilling learnings to date are critical in driving the production growth of the company. Reservoir net thickness met or exceeded pre-drill expectations. However, the performance operationally led us to adjust the well designs and upgrade from light to mid-size and heavy drilling rigs. This will achieve a more robust drilling performance. Our 300-well drilling program is the core of our production growth plan and is the largest onshore Brazil. We have taken advantage of wider rig availability from declining rig activity by our peers and have contracted three rigs with a fourth in negotiation for mobilisation across Q2 and Q3. Further to our drilling schedule, first-half production is expected to be relatively flat, with the drilling program results driving significant production growth in the second half of the year. As a result, we expect exit rates in the range of 12,000 bbl-17,000 bbl of oil equivalent per day, reflecting mobilisation date ranges for the contracted rigs. We successfully completed terminal pipeline and monobuoy hydro testing and await formal certification following ongoing revisions by Petrobras by the end of Q1. This will drive our unique ability to capture premium sales prices amongst our peers. Finally, we will commence the addition of more than 40% additional tank capacity to align with our mid-term production growth plans. We continue to focus on driving down production cost despite the off-taker force majeure-driven setback in Q4 towards life-of-field average guidance of $15 per BOE. I'll now hand over to Torgeir, who will take us through the financial review. Thank you, Torgeir. Thank you, Scott. So our revenue in the fourth quarter increased by 28% from the previous quarter due to a 19% higher off-take volume and a 7% improved pricing. EBITDA increased further from the third quarter and ended on $12 million, the highest for the company to date. The amortization and depreciation in the fourth quarter was $23.2 million, resulting in a negative operating profit. Upon review of the expected useful life of the intangible assets, the third and the fourth quarter amortization was adjusted to more accurately reflect the remaining life of the assets. However, going forward, management expects amortization levels of approximately $8 million per quarter at the forecasted production levels. Net financials continue to be characterized by non-cash accounting items related to our hedge program, resulting in a pre-tax loss of $9.6 million. Finally, cash flow from operations were positive, $21.8 million for the quarter, up from $3.3 million in the third quarter, and CapEx ended on $17.8 million, including a $3 million of lease payments. Realized oil prices continue to improve quarter-over-quarter, and off-take volumes were up 19% despite the weather-induced force majeure event, where we had to curtail production to avoid tank top. Due to this curtailment of the production, we ended up the quarter with an overlift position. Our hedge program decreased slightly quarter-over-quarter at flat average prices. The fair value and the profit and loss development developed positively on account of a decreasing forward curve. The hedge program continues to be a requirement under our $300 million credit facility. CapEx for the quarter, including the $3 million of lease payments, ended on $17.9 million, while CapEx for the year, excluding Norte Capixaba acquisition and these lease payments, ended on $24.6 million. Finally, our cash position improved significantly from third quarter due to the successful $25.6 million equity raise in December and a positive change in working capital. Our overall balance sheet increased quarter-over-quarter, primarily related to a $31.6 million increase in cash and an increase in PP&E and intangible assets. The latter was mainly driven by a $26.5 million currency translation effect. Our current liability increased mainly due to an increase in trade and related party liabilities towards the end of the quarter. Our equity ratio went up from 16% in the third quarter to 20% due to the successful equity raise in December, which were only partly offset by net losses. During January 2024, the company successfully raised a senior unsecured $80 million bond in the Nordic bond market with a fixed-rate coupon at 16%. The bond was raised at the parent company level. The equity and the bond were raised to strengthen the company's financial position to execute on our growth strategy. Then I think we are summing up. Scott? Thank you, Torgeir. In 2023, we met four of our five guidance KPIs, with production a 13% miss driven by previously discussed off-taker force majeure and delayed Norte Capixaba closing. The 8,500 bbl-11,000 bbl of oil per day guidance reflects a relatively flat first half, and our focus will be on delivering 11,000 bbl-15,000 bbl oil per day exit rate through the ramp-up of the drilling program, which is driving the $70 million-$100 million capital budget. We continue to implement projects and practices to drive production costs to $20-$24 per barrel of oil equivalent. Having successfully managed a year of firsts in 2023, we strengthened our financial position of the company through a $106 million debt and equity raise ahead of the ramp-up of production through our 300-well drilling program, the largest onshore Brazil. This allows us to maintain our long-term guidance of more than tripling production within 2027. Thank you for listening to our presentation today, and we look forward to maintaining close dialogue with our shareholders and stakeholders.
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