Seacrest Petroleo Bermuda Limited announced that reference to the 25 January, in which the Company referred to the commencement of infill drilling at the Inhambu field and the first production wells entering the steam cycle, as well as the Company's well workover programme. The Company provides a further update on the initial wells drilled and its well workover programme. The Company has commenced a drilling programme of up to 300 wells over the next four years to increase production to 30,000 boepd.

To date, the Company has drilled eight first phase, top hole section wells and three second phase, reservoir section wells. After a deviation control issue on the first well, the second and third wells' deviation was on target. The first two second phase wells are now in the steam injection cycle phase, having encountered net thickness of reservoir consistent with pre-drill estimates.

The production from these two wells based on logged reservoir parameters is anticipated to meet or exceed the average production for other wells at the Inhambu field, but final figures will only be available once the steam period is completed. Production typically commences 3-4 weeks after steam injection. The third second phase well will require a mechanical sidetrack.

Such operational challenges are not uncommon in a programme of this kind. However, the anticipated deferral of production from this well is only 50 bopd for 2024 and therefore not material in the context of the Company's 9,000 boepd production base. The Company is currently expediting well workovers that it believes will increase production by over 300 bopd over the next three weeks, as well as preparing for further drilling.

In 2023, the Company executed 91 well workovers on plan, generating an additional 3,700 bopd and adding over 2 MMbbls of Proven Developed Producing reserves. Seacrest Petroleo will keep the market updated on developments relating to its drilling and workover programmes when and if appropriate.