Seacrest Petroleo Bermuda Limited: Bondholder adoption of proposed amendment

26 Sep 2024 15:10 CEST

Rio de Janeiro, Brazil/Hamilton, Bermuda, 26 September 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") provides the following
further update in relation to the summons for a Written Resolution dated 19
September 2024.

In the Written Resolution of holders of the Company's 16.00% senior unsecured
USD 120,000,000 bonds 2024/2027 (the "Bonds") dated 19 August 2024 and the
Second Resolution adopted 19 September 2024, the Company agreed to certain
requirements for the issuance of the Company's convertible bonds, including
that 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.

Accordingly, the Company on 19 September 2024 proposed a further amendment to
the Bond Terms for the Bonds to reflect this updated timeline. As set out in
the attached notice from Nordic Trustee AS, the trustee for the Bondholders
(the "Bond Trustee"), Bondholders have today adopted the proposed amendment
according to the voting requirements of the Bond Terms and the Bond Trustee is
authorised to take the necessary actions to implement the amendment.

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
2024-09-26 15:10 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

628627_NO0013134759 NB 20240926.pdf
628627_Seacrest Petroleo Bermuda Limited- Bondholder adoption of proposed amendment.pdf