Seacrest Petroleo Bermuda Limited: Share issuance from bond conversion

19 Feb 2025 07:00 CET

Rio de Janeiro, Brazil/Hamilton, Bermuda, 19 February 2025: Reference is made
to the 3 year USD 28.658 million subordinated unsecured convertible bond issue
(the "Bonds") announced by Seacrest Petroleo Bermuda Limited (the "Company" or
"Seacrest Petroleo") on 13 September 2024.

The Company has received conversion notices from holders of the Bonds, for the
conversion of USD 1,612,159 principal amount of Bonds into common shares in
the Company.

The Board of Directors has resolved to convert the Bonds by issuance of
70,066,970 new common shares (the "Conversion Shares") in Seacrest Petroleo.
In accordance with the terms of the Bonds, the conversion is made at a
conversion price of NOK 0.258755, subject to NOK/USD currency adjustments.

The Conversion Shares were validly issued in the Norwegian Central Securities
Depositary (Euronext Securities Oslo) on 19 February 2025. The share capital
increase pertaining to the issuance of the Conversion Shares has been validly
registered in the Company's register of members. Accordingly, the authorized
share capital of Seacrest Petroleo is comprised of USD 10,999.9999 divided
into 549,999,997 common shares, each with a par value of USD 0.00002, of which
549,999,997 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
john.santos@seacrest.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.

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
2025-02-19 07:00 CET.

More information:
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639114_Seacrest Petroleo Bermuda Limited- Share issuance from bond conversion.pdf