Seacrest Petroleo Bermuda Limited: Extension of Injunction against Petrobras

09 Jan 2025 08:25 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 9 January 2025: Seacrest Petroleo
Bermuda Limited ("Seacrest Petroleo" or the "Company") refers to the
injunction obtained from a court in Rio de Janeiro, announced on 27 December
2024, preventing Petróleo Brasileiro S.A. - Petrobras ("Petrobras") from
taking action for 30 days in respect of the non-payment by the Company's
subsidiaries SPE Cricaré and SPE Norte Capixaba (the "Claimants") of an
aggregate of approximately US$71 million of post-closing consideration due to
Petrobras on 31 December 2024 for the acquisitions of the Cricaré and Norte
Capixaba Clusters. The Company announces that overnight the 11th Civil Court
in Rio de Janeiro extended the scope and time period of the injunction against
Petrobras.

The injunction issued by the court:

a. suspends enforceability of the payment of approximately US$71 million of
post-closing consideration that was due to Petrobras on 31 December 2024;
and
b. orders Petrobras not to take any measures aimed at collecting such amount,
including, but not limited to (i) notifying or characterizing either
Claimant as a delinquent debtor; (ii) including the name of either
Claimant in any bureau for credit restriction, whether public or private;
(iii) applying contractual penalties, declaring early maturity of
obligations, or adopting measures intended to characterize either
Claimant's default; (iv) enforcing against the guarantees provided for the
collection of such amount; and (v) carrying out any type of extrajudicial
collection of such amount, in each case, until there has been a final
decision in the arbitration proceeding commenced by the Claimants.

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
2025-01-09 08:25 CET.

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