Seacrest Petroleo Bermuda Limited: USD 28.615 Million Convertible Bond

13 Sep 2024 20:30 CEST

NOT FOR DISTRIBUTION IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN,
SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH, OR TO PERSONS IN ANY
JURISDICTION TO WHOM, SUCH DISTRIBUTION WOULD BE PROHIBITED BY APPLICABLE LAW.

Rio de Janeiro, Brazil/Hamilton, Bermuda, 13 September 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") has today successfully
closed the book on a 3-year USD 28.615 million convertible bond issue. The
bonds will be issued in two tranches, with the issuance of the second tranche
subject to satisfaction of certain conditions precedent. Both tranches were
oversubscribed.

The net proceeds from the bond issue will be used to further strengthen the
Company's balance sheet, pay fees, costs and expenses related to the issuance
of the bonds, satisfy conditions for the leverage ratio covenant waivers
agreed by the Group's lenders and bondholders, and enable the Company to
continue growing production through drilling, work-overs and other field
development optimisations at the Norte Capixaba and Cricaré Clusters, as well
as for general corporate purposes.

José Cotello, CEO of Seacrest Petroleo, commented: "We are pleased that our
convertible bond issue received strong backing from investors. This issue will
strengthen our ability to deliver on our growth strategy and create value for
our stakeholders".

ABG Sundal Collier ASA acted as Lead Manager. Wikborg Rein Advokatfirma AS and
Cleary Gottlieb Steen & Hamilton LLP acted as legal advisors to Seacrest
Petroleo.

For further information, please contact:

Torgeir Dagsleth, Group 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

The information in this notice is subject to the disclosure requirements
pursuant to section 5-12 of the Norwegian Securities Trading Act and the
Euronext Rule Book part II.

Disclaimer
This notice is not an offer of securities for sale in the United States.
Securities may not be offered or sold in the United States absent registration
or an exemption from registration. The bonds have not and will not be
registered under the U.S. Securities Act of 1933, as amended (the "Securities
Act") or with any securities regulatory authority of any state or other
jurisdiction in the United States. The bonds may not be offered or sold within
the United States or to, or for the account or benefit of, any U.S. person (as
such terms are defined in regulations) absent registration, except under an
exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act. The bonds are only being offered to
(i) non-"U.S. persons" in "offshore transactions" (each as defined in Rule 902
of Regulation S under the U.S. Securities Act), and (ii) to a limited number
of persons located in the United States, its territories and possessions that
are reasonably believed to be "qualified institutional buyers" (as defined in
Rule 144A under the Securities Act ("Rule 144A")) in transactions meeting the
requirements of Rule 144A or another exemption from the registration
requirements of the Securities Act.

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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