Seacrest Petroleo Bermuda Limited: Completion of special general meeting

29 Mar 2023 15:56 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 29 March 2023. Please find attached
the minutes from the special general meeting (SGM) of Seacrest Petroleo Bermuda
Limited (the "Company"), held today at 10.00 am Bermuda time/ 3.00 pm CET.

The only item on the agenda, a proposal for a reverse share split in order to
reduce the number of the Company's issued shares and thereby increase the market
value per share to above NOK 10, as mandated by the rules of the Oslo Stock
Exchange, was approved by the special general meeting as proposed by the
Company's board of directors.

The fractional entitlements resulting from the reverse share split will now be
sold on behalf of any shareholders holding a fraction of a share. As the net
sale proceeds of those sales will be of a nominal value only, the net sale
proceeds will not be distributed to the shareholders concerned and will be
retained by the company and applied to its business purposes in accordance with
its bye-laws.

The Company will publish key information regarding the completion of the reverse
share split in a separate stock exchange notice today.

For further information, please contact:

Torgeir Dagsleth, Chief Financial Officer
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970
E-mail: torgeir.dagsleth@seacrest.com

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.

This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act and the Oslo Rule Book part II.

More information:
Access the news on Oslo Bors NewsWeb site

586535_Seacrest Petroleo Bermuda - SGM 29Mar23 - minutes.pdf