Seacrest Petroleo Bermuda Limited: Asset level transaction proposal

04 Sep 2024 16:35 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 4 September 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") today announces that
following its receipt of an attractive proposal for an asset level
transaction, the Company has entered into a 60-day limited exclusivity
arrangement to enable the parties to explore the transaction further.

The Company has received from a London-based multi-family office, with
specialised oil and gas investment experience, a proposal to acquire a
minority stake in the Group's subsidiaries. Under the terms proposed by the
investor, it would have the right to acquire a further minority interest at a
higher valuation at the end of 2025.

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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627028_Seacrest Petroleo Bermuda Limited- Asset level transaction proposal.pdf