Seacrest Petroleo Bermuda Limited provides log interpretation results from its first infill well drilled at the Inhambu heavy oil field. This is the first of its 300-well infill drilling program planned over the next four years. IBU-70 encountered 129m (423ft) of gross sandstone reservoir, with porosity ranging from 17-25%.

The well will be completed in two reservoir zones, with net thickness totaling 79m (259ft). This is 27% above the 62m (203ft) average net reservoir thickness of the wells drilled by the prior operator in the area of the field targeted by this well. The Inhambu heavy oil drilling program, which will be the primary driver of the Company's production growth in the first half of 2024.

Of these, 14 well sites have already been constructed, with 11 more to be completed this year. The heavy oil drilling program will be followed in parallel by the drilling of deeper light oil wells as the Company ramps up activity through 2024. The Company is drilling and steaming in batches of three wells; the first batch is expected to begin contributing to production in January.

The company has three drilling rigs under exclusive MOU for 2024.