Seacrest Petroleo Bermuda Limited: New hedging arrangement

13 Apr 2023 22:14 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 13 April 2023: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") has today entered into a
hedge arrangement for 1,238,922 bbl of its future production over a 36-month
period. This hedge transaction is concluded in compliance with the Company’s
syndicated credit agreement with five banks in Brazil led by Morgan Stanley
Senior Funding, Inc. Seacrest Petroleo conducted a competitive bidding process,
and the best offer received by the Company was made by Mercuria Energy Trading
SA, an affiliate of Mercuria Energy Group Limited that holds approx. 28% of the
Company’s share capital and votes.

For further information, please contact:

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

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

Senior Advisor Jan Petter Stiff
Crux Advisers AS
Tel. +47 995 13891
E-mail: jps@crux.no

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. 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.

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