Seacrest Petroleo — Earnings Release 2023

Aug 22, 2023

Seacrest Petroleo Bermuda Limited: Second quarter 2023 results

Seacrest Petroleo Bermuda Limited: Second quarter 2023 results

Rio de Janeiro, Brazil/Hamilton, Bermuda, 22 August 2023: Seacrest Petroleo Bermuda Limited ("Seacrest Petroleo" or the "Company") today reported interim results for the second quarter of 2023. Both the report and presentation are attached hereto and can be found on the Company website www.seacrestpetroleo.com.

Second quarter highlights:

•Completed the acquisition of Norte Capixaba for a closing consideration of USD 426.55 million

•EBITDA of USD 1.5 million – our first positive quarter

•Pro Forma production of 8 795 boepd, 24% higher than the previous quarter (7 074)

•Full-year 2023 production guidance of 8 700-8 900 bopd maintained

•Full-year production cost guidance unchanged at USD 24-26 per boe

•No serious category HSSE- incidents in the quarter and for the last 12 months

Seacrest Petroleo’s oil and gas equivalent production was 8 796 boepd in the second quarter, an increase of 24% from the first quarter of 2023.

“On April 12, 2023, Seacrest Petroleo completed the Norte Capixaba acquisition from Petrobras. This was a milestone achievement in our plan and establishes the Company as one of the most important independent oil producers in Brazil, having acquired a prolific and integrated asset controlling production from wellhead to seaborne offtake via 100% owned infrastructure. The transition since closing has gone smoothly and average production per day has risen to 8 796 boepd for the period. Our second quarter success gives us confidence that we are on track to deliver on our long-term strategy,”- says Michael Stewart, CEO Seacrest Petroleo

Seacrest Petroleo has 140 mmboe of certified 2P oil and gas reserves and ranks as the third largest onshore oil and gas producer in Brazil. The Company expects a gradual increase in production levels throughout the year and has ambitions to more than triple production in the next three years.

Webcast and Q&A session

Today, at 7:30 CEST, a presentation of the financial results and operational developments will be held by the President of the Executive Committee, Scott Aitken and Group CFO, Torgeir Dagsleth. The presentation will be conducted as a webcast. To access the presentation please use the following link: https://channel.royalcast.com/hegnarmedia/#!/hegnarmedia/20230821_1

Further, today at 15:00 CEST, the Company will host a live Q&A session, moderated by ABG Sundal Collier. We recommend connecting 10 minutes prior to the start of the call. Information on how to ask questions will be given at the start of the session. There will be a limit of two questions per participant. To access the Q&A session please use the following link: https://teams.microsoft.com/l/meetup-join/19%3ameeting_NGU3NTM1NTAtMDYxNS00ZDkxLWJlNDQtOTA5OTMwOTllNWVh%40thread.v2/0?context=%7b%22Tid%22%3a%22811757c0-87b7-42c0-b9b9-b1b69d720961%22%2c%22Oid%22%3a%2245b20617-0a48-4e69-ae3a-a85b4151cb38%22%7d

For further information, please contact

Torgeir Dagsleth, Group CFO

Seacrest Petroleo Bermuda Limited

Tel. +47 958 91 970

E-mail: torgeir.dagsleth@seacrest.com

The information this press release and the accompanying report and presentation is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act and the Euronext 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 140 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 the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

Notice to reader

Seacrest Petroleo’s results presented in this press release and the accompanying report and presentation are, unless otherwise stated, based on IFRS and have not been externally reviewed and audited. The financial information presented herein and in the accompanying report and presentation is based on internal management accounts, is the responsibility of management and has not been externally audited, reviewed or verified. Although we believe the information to be reasonable, actual results may vary from the information contained above and in the accompanying report and presentation and such variations could be material. As such, you should not place undue reliance on this information. This information may not be indicative of the actual results for the quarter or any future period.

Important information

Matters discussed in this press release and the accompanying report and presentation 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 and the accompanying report and presentation 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 and the accompanying report and presentation by such forward-looking statements. The information, opinions and forward-looking statements contained in this release and the accompanying report and presentation speak only as at the date of this release and are subject to change without notice.