Seacrest Petroleo Bermuda Limited: Update regarding Convertible Bonds and Summons for Written Resolutions of Bondholders

19 Sep 2024 23:00 CEST

NOT FOR DISTRIBUTION IN THE UNITED STATES

Rio de Janeiro, Brazil/Hamilton, Bermuda, 19 September 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") provides the following
update in relation to its 3 year USD 28.615 million convertible bond issue and
related matters.

In the Written Resolution of holders of the Company's 16.00% senior unsecured
USD 120,000,000 bonds 2024/2027 (the "Bonds") dated 28 August 2024 and the
Second Resolution adopted 19 September 2024, the Company agreed to certain
requirements for the issuance of the above-referenced convertible bonds,
including that the proceeds of the initial issuance were expected to be
received by the Company on 18 September 2024. However, proceeds of the initial
issuance were received by the Company on 19 September 2024.

The Company has confirmed to the bondholders that it has received proceeds of
the initial issuance in excess of USD4,000,000, made the required payment into
the debt service reserve account within the applicable grace period under the
bond terms for the Bonds (the "Bond Terms"), and paid to the paying agent for
the Bonds the initial tranche of the consent fee payable to the bondholders.

The Company also confirms that the requisite majority of the lenders under the
Group's US$300m Credit Agreement have consented to the waiver with respect to
the leverage ratio for the 3rd quarter of 2024 under the Credit Agreement,
with effect from 19 September 2024.

Accordingly, the Company is therefore proposing a further amendment to the
Bond Terms to reflect this updated timeline and has requested that Nordic
Trustee AS, as trustee of the Bonds), issue the attached summons for written
resolutions of holders of the Bonds.

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.

Notice to reader

This press release and the accompanying summons do not constitute an offer of
securities for sale in the United States or any other jurisdiction. Securities
may not be offered or sold in the United States absent registration with the
United States Securities and Exchange Commission or an exemption from
registration. There will be no public offering of any of the securities
mentioned in this press release or the accompanying summons in the United
States.

Important information

Matters discussed in this press release and the accompanying summons 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 and the accompanying summons 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 and the accompanying
summons speak only as at the date of this release and are subject to change
without notice.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-09-19 23:00 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

628206_Seacrest Petroleo Bermuda Limited- Update regarding Convertible Bonds and Summons for Written Resolutions of Bondholders.pdf
628206_NO0013134759 SB 20240919.pdf