Seacrest Petroleo Bermuda Limited: End of stabilisation period

25 Mar 2023 14:02 CET

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UNLAWFUL.

Rio de Janeiro, Brazil/Hamilton, Bermuda, 24 March 2023. Reference is made to
the stock exchange announcement by Seacrest Petroleo Bermuda Limited (“Seacrest
Petroleo” or the “Company”) on 23 February 2023 where the Company announced the
beginning of the stabilisation period related to the initial public offering of
shares in Seacrest Petroleo (the “Offering”).

ABG Sundal Collier ASA ("ABG Sundal Collier”), acting as stabilisation manager
(the "Stabilisation Manager”) in connection with the Offering on behalf the
Managers (as defined below), hereby gives notice that stabilisation was
undertaken in relation to the shares in Seacrest Petroleo with a total of
40,333,333 shares purchased as part of the stabilisation. The shares were
purchased at an average price of NOK 5.8161 and stabilisation activities last
occurred on 24 March 2023. For each of the dates of which stabilisation
transactions were carried out, the quantity, price (highest), price (lowest) and
weighted average price is found in the attached stabilisation notice.

As a consequence of the stabilisation activities taken, the Stabilisation
Manager hereby gives notice that it will not exercise the greenshoe option and
shall re-deliver the 40,333,333 shares purchased through stabilisation
transactions to Seacrest Partners III, L.P. in accordance with the terms in a
share lending agreement between the parties.

ABG Sundal Collier ASA and Pareto Securities AS are acting as joint global
coordinators and joint bookrunners, SpareBank 1 Markets AS is acting as joint
bookrunner in the IPO, and Banco BTG Pactual SA. – Cayman Branch and Itau BBA
USA Securities, Inc. are acting as international placement agents in the IPO
(together, the "Managers").

Wikborg Rein Advokatfirma AS is acting as Norwegian legal counsel to the
Company, Wakefield Quin Limited is acting as Bermuda legal counsel to the
Company and Cleary Gottlieb Steen & Hamilton LLP is acting as U.S. legal counsel
to the Company. Advokatfirmaet Schjødt AS is acting as Norwegian legal counsel
to the Managers, MJM Limited is acting as Bermuda legal counsel to the Managers,
and Simpson Thacher & Bartlett LLP is acting as U.S. legal counsel to the
Managers.

Crux Advisers AS is acting as communications and investor relations adviser.

For further information, please contact:

ABG Sundal Collier ASA
Magnus Kvinge
Tel: +47 22 01 60 00

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. Current production is 7,000
bbl/d which is expected to triple by 2025. 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.

Important information
This communication does not constitute or form a part of any offer of securities
for sale or a solicitation of an offer to purchase securities of the Company in
the United States, Brazil or any other jurisdiction. The securities of the
Company may not be offered or sold in the United States or in Brazil absent
registration or an exemption from registration under the U.S. Securities Act of
1933, as amended (the "U.S. Securities Act") and the Brazilian laws. The
securities of the Company have not been, and will not be, registered under the
U.S. Securities Act. The Securities of the Company have not been, and will not
be, registered in Brazil. Any sale in Brazil of the securities mentioned in this
communication will be made solely to "Investidores Profissionais” as defined in
Resolution CVM 30. No public offering of the securities will be made in the
United States or in Brazil.

This communication is not a prospectus for the purposes of Regulation (EU)
2017/1129 of the European Parliament and of the Council of 14 June 2017 on the
prospectus to be published when securities are offered to the public or admitted
to trading on a regulated market (the "EU Prospectus Regulation"). In any EEA
member state, other than Norway, this communication is only addressed to and is
only directed at qualified investors in that member state within the meaning of
the EU Prospectus Regulation, i.e., only to investors who can receive the offer
without an approved prospectus in such EEA member state.

In the United Kingdom, this communication is only addressed to and is only
directed at Qualified Investors who (i) are investment professionals falling
within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended) (the "Order") or (ii) are persons falling
within Article 49(2)(a) to (d) of the Order (high net worth companies,
unincorporated associations, etc.) (all such persons together being referred to
as "Relevant Persons"). These materials are directed only at Relevant Persons
and must not be acted on or relied on by persons who are not Relevant Persons.
Any investment or investment activity to which this announcement relates is
available only to Relevant Persons and will be engaged in only with Relevant
Persons. Persons distributing this communication must satisfy themselves that it
is lawful to do so.

Matters discussed in this announcement may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believe",
"continue", "estimate", "expect", "intends", "may", "should", "will" and similar
expressions. The forward-looking statements in this release are based upon
various assumptions, many of which are based, in turn, upon further assumptions.
Although the Company believes that these assumptions were reasonable when made,
these assumptions are inherently subject to significant known and unknown risks,
uncertainties, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. Such risks, uncertainties,
contingencies and other important factors could cause actual events to differ
materially from the expectations expressed or implied in this release by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this announcement speak only as at its date, and are
subject to change without notice.

This announcement is made by, and is the responsibility of, the Company. The
Managers are acting exclusively for the Company and no one else and will not be
responsible to anyone other than the Company for providing the protections
afforded to their respective clients, or for advice in relation to the contents
of this announcement or any of the matters referred to herein.

Neither the Managers nor any of their respective affiliates makes any
representation as to the accuracy or completeness of this announcement and none
of them accepts any responsibility for the contents of this announcement or any
matters referred to herein.

This announcement is for information purposes only and is not to be relied upon
in substitution for the exercise of independent judgment. It is not intended as
investment advice and under no circumstances is it to be used or considered as
an offer to sell, or a solicitation of an offer to buy any securities or a
recommendation to buy or sell any securities of the Company. Neither the
Managers nor any of their respective affiliates accepts any liability arising
from the use of this announcement.

Each of the Company, the Managers and their respective affiliates expressly
disclaims any obligation or undertaking to update, review or revise any
statement contained in this announcement whether as a result of new information,
future developments or otherwise.

The distribution of this announcement and other information may be restricted by
law in certain jurisdictions. Persons into whose possession this announcement or
such other information should come are required to inform themselves about and
to observe any such restrictions.

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586181_Appendix to 'Seacrest Petroleo Bermuda Limited - Stabilisation notice 24 March 2023'.pdf
586181_Seacrest Petroleo Bermuda Limited - Stabilisation notice 24 March 2023.pdf