Seacrest Petroleo Bermuda Limited: José Cotello joins as Chief Executive Officer

21 May 2024 07:00 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 21 May 2024: The Board of Directors
of Seacrest Petroleo Bermuda Limited ("Seacrest Petroleo" or the "Company")
has appointed José Cotello as the Company's new Chief Executive Officer. He
will be joining the Company on 1 June 2024.

José has a long track record of operating success in the oil and gas sector.
He was most recently the President of Ecopetrol Oleo e Gas do Brasil, where he
was responsible for overseeing the company's operations in the Brazilian
pre-salt basin and equatorial margin. Within Ecopetrol, he previously held the
position of Regional Vice President at Orinoquia, in Colombia, where he was
responsible for an operation that materially raised onshore oil production to
290 kboepd.

Prior to joining Ecopetrol, José was the Chief Operating Officer at Petra
Energia, which grew production from zero to 20 kboepd during his tenure, and,
before that, held various positions around the world in a 22-year career at
Schlumberger.

José Cotello said: "We are in the middle of an exciting time as our company
grows, and these are circumstances I am familiar with. I will work to achieve
profit and a business structure that enables sustainable growth via bold
shifting and reinforcement of management support. We at Seacrest are a strong
and diverse team of professionals with a shared purpose of creating value for
our shareholders."

Chairman Erik Tiller said: "We are delighted to have José join us as CEO. He
is a proven oil and gas operator and brings with him the exact combination of
skills and experience that Seacrest Petroleo needs at this stage of its
growth. The Company is aiming to more than triple production by 2027 through
the largest onshore drilling program in Brazil, and José's track record leaves
us with no doubt that we can achieve this goal profitably."

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

John de los Santos, Head of Investor Relations
Seacrest Petroleo Bermuda Limited
Tel. +44 79 4971 4756
E-mail: john.santos@seacrestpetroleo.com

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

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 144 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.

Important information

Matters discussed in this press release may constitute forward-looking
statements. Forward-looking statements are statements that are not historical
facts and may be identified by words such as "anticipate", "believes",
"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 release
speak only as at the date of this release and are subject to change without
notice.

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