Seacrest Petroleo Bermuda Limited: Forbearance agreement in relation to 16.00% senior unsecured bonds due 2027

23 Dec 2024 22:10 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 23 December 2024: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") provides the following
update in relation to the Company's 16.00% senior unsecured USD 120,000,000
bonds 2024/2027 (the "Bonds").

Reference is made to the Company's announcements made on 9 December 2024 and
17 December 2024 which referred to ongoing discussions between the Company and
holders of the Bonds with a view to entering into a short-term forbearance
agreement.

Today, the Company and certain holders of the Bonds collectively representing
51% of the outstanding principal amount of the Bonds entered into a
forbearance agreement ("Forbearance Agreement").

Pursuant to the terms of the Forbearance Agreement, holders of the Bonds that
are, or later become, party to the Forbearance Agreement (each, a "Consenting
Bondholder") agree to forbear from taking enforcement action, or instructing,
demanding or requiring the bond trustee to take enforcement action, on the
basis of certain identified events of default until 10 January 2025 (at 11.59
pm Oslo time), which date may be extended by agreement of the Consenting
Bondholders who hold more than 50% of the outstanding principal amount of all
Bonds held by the Consenting Bondholders.

The forbearance is intended to allow the Company to progress negotiations in
relation to a potential further debt investment in the Company as part of its
financial strategy going forward.

Each holder of the Bonds is invited to accede to the Forbearance Agreement, a
copy of which (together with a form of accession deed) can be obtained upon
request from the Company's legal advisors, Cleary Gottlieb Steen & Hamilton
LLP, by email to achopra@cgsh.com and plyadnova@cgsh.com.

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 17 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 has been submitted pursuant to the Securities Trading Act §
5-12 and MAR Article 17. The information was submitted for publication at
2024-12-23 22:10 CET.

More information:
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635648_Seacrest Petroleo Bermuda Limited- Forbearance agreement in relation to 16.00% senior unsecured bonds due 2027.pdf