Seacrest Petroleo Bermuda Limited: Order from the ANP to upgrade truck loading sites

11 Jul 2024 07:00 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 11 July 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") received overnight from
the Brazilian National Agency for Petroleum, Natural Gas and Biofuels (Agência
Nacional do Petróleo, Gás Natural e Biocombustíveis) (the "ANP") two letters
ordering the Company's subsidiaries to carry out upgrade works on 58 loading
sites used for tanker truck loading so that such sites are in compliance with
applicable Brazilian regulations. The required work mainly comprises the
construction of concrete pads at these sites and other structural
improvements. The letters followed an operational safety audit by the ANP.

The ANP has not issued any orders directly impacting the Company's production,
wells, drilling rigs or facilities. Because the storage tanks at the relevant
sites are required by the ANP to be empty during the period in which the
construction is ongoing, the Company anticipates that the work to be carried
out will require a temporary reduction in its production at certain wells.
However, based on the scope and duration of the work required, the Company's
current preliminary estimate is that such reduction will have only a minor
impact on quarterly production volume. The Company will update the market as
appropriate following further analysis. The Company has already initiated the
construction of the concrete pads and anticipates that the costs will be
limited.

The Company's 300-well infill drilling program, the largest onshore in Brazil,
is unaffected by the order.

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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623402_Seacrest Petroleo Bermuda Limited- Order from the ANP to upgrade truck loading sites.pdf