Seacrest Petroleo Bermuda Limited: Term Sheet for Participation in Prepayment Facility of up to US$140 million

28 Nov 2024 17:10 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 28 November 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") announces that, as part
of its plan to comprehensively restructure the Group's balance sheet and on
the back of the indicative term sheet between the Company and Trafigura
announced on 30 October 2024 , it yesterday signed an indicative term sheet
with Trafigura PTE Ltd ("Trafigura") for a participation of up to US$50
million in a prepayment facility of up to US$140 million but not less than
US$110 million (the "Facility") to be provided by Trafigura and other
sub-participants.

The use of proceeds of the Facility will be limited to payment of the Group's
year-end payment to Petrobras and working capital. The purpose of the Facility
is to provide the Group with a bridge financing that will allow the Company
time to raise additional equity (which may be in the form of an asset deal)
and/or refinance its existing indebtedness.

The Facility will be in the form of a prepayment for cargoes of oil to be sold
by Group companies to Trafigura under an offtake agreement to be entered into
by the parties in conjunction with the Facility. Loans made under the Facility
will mature on 31 December 2025. The Facility and the related offtake
agreement are subject to a number of conditions precedent, including, among
others, participation by other financiers, execution of definitive agreements,
including intercreditor arrangements, management approvals, and third party
consents under other existing agreements.

The term sheet for the Facility supersedes the term sheet for the US$40
million prepayment agreement with Trafigura announced by the Company on 30
October 2024.

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.

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.

This information is subject to disclosure under the Norwegian Securities
Trading Act, §5-12. The information was submitted for publication at
2024-11-28 17:10 CET.

More information:
Access the news on Oslo Bors NewsWeb site

633451_Seacrest Petroleo Bermuda Limited- Term Sheet for Participation in Prepayment Facility of up to US$140 million.pdf