Seacrest Petroleo Bermuda Limited Financing update

17 Oct 2024 08:45 CEST

NOT FOR DISTRIBUTION IN THE UNITED STATES

Rio de Janeiro, Brazil/Hamilton, Bermuda, 17 October 2024: Reference is made
to the announcement by Seacrest Petroleo Bermuda Limited ("Seacrest Petroleo"
or the "Company") on 4 October 2024 regarding a 3-year USD 28.658 million
unsecured convertible bond issue (the "Bonds" and the "Bond Issue").

As previously communicated, all material conditions precedent for the first
tranche of the Bonds were fulfilled on 4 October, and settlement of the first
tranche occurred on 11 October 2024.

Neither of the conditions precedent[1] to the issuance of the remaining amount
of the Convertible Bonds, being approximately USD 20.7 million (the "Second
Tranche"), that were required to occur no later than 16 October 2024 has
occurred to date. Accordingly, there is no current plan for the issuance of
the Second Tranche of the Bonds.

The Company continues to negotiate with Petróleo Brasileiro S.A. - Petrobras
for the deferral of the payment of the instalment of USD 45,000,000 plus
interest (and subject to other adjustment factors) payable by Seacrest
Petroleo SPE Cricaré S.A. on 31 December 2024.

Furthermore, the Company has received and is evaluating multiple proposals for
the injection of additional capital, on terms that, if completed, would be
more advantageous to the Company than the Second Tranche terms.

Further financing updates will be communicated to the market in due course.

For further information, please contact:
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 in article 19 of
the Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12
of the Norwegian Securities Trading 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.

Notice to reader

This press release does 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 in the
United States.

[1] The conditions precedent were Petróleo Brasileiro S.A. -- Petrobras
deferring for twelve months the payment of the instalment of USD 45,000,000
plus interest (and subject to other adjustment factors) payable by Seacrest
Petroleo SPE Cricaré S.A. on 31 December 2024, or the Company and one of its
subsidiaries entering into a binding term sheet for the issuance by such
subsidiary of equity securities to a third party for a cash investment of not
less than USD 50,000,000.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-10-17 08:45 CEST.

More information:
Access the news on Oslo Bors NewsWeb site

629771_Seacrest Petroleo Bermuda Limited Financing update.pdf