Seacrest Petroleo Bermuda Limited: Correction and update on share capital in connection with share issuance from bond conversion

06 Nov 2024 10:47 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 6 November 2024: Reference is made
the stock exchange announcement by Seacrest Petroleo Bermuda Limited (the
"Company" or "Seacrest Petroleo") on 4 November relating to the share issuance
from bond conversions (the "Conversion Notice").

On 31 October 2024,105,863,698 new common shares ("New Shares") in Seacrest
Petroleo were validly issued in the Norwegian Central Securities Depositary
(Euronext Securities Oslo). The share issuance was carried out in connection
with conversion of parts of the Company's 3 year USD 28.658 million
subordinated unsecured convertible bond issue.

As stated in the Conversion Notice, 5,571,774 new common shares were issued in
excess to the New Shares, due to a clerical error in the conversion and
issuance process. This error has now been corrected.

Accordingly, as of 6 November 2024, the authorized share capital of Seacrest
Petroleo, as registered in the Norwegian Central Securities Depositary
(Euronext Securities Oslo), is comprised of USD 9,291,7743 divided into
464,588,715 common shares, each with a par value of USD 0.00002, of which
464,588,715 common shares are issued and outstanding.

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 section 5-12 of
the Norwegian Securities Trading Act and the Oslo 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.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-11-06 10:47 CET.

More information:
Access the news on Oslo Bors NewsWeb site

631371_Seacrest Petroleo Bermuda Limited- Correction and update on share capital in connection with share issuance from bond conversion.pdf