Seacrest Petroleo — M&A Activity 2024

Sep 4, 2024

Seacrest Petroleo Bermuda Limited: Asset level transaction proposal

Seacrest Petroleo Bermuda Limited: Asset level transaction proposal

Rio de Janeiro, Brazil/Hamilton, Bermuda, 4 September 2024: Seacrest Petroleo

Bermuda Limited ("Seacrest Petroleo" or the "Company") today announces that

following its receipt of an attractive proposal for an asset level

transaction, the Company has entered into a 60-day limited exclusivity

arrangement to enable the parties to explore the transaction further.

The Company has received from a London-based multi-family office, with

specialised oil and gas investment experience, a proposal to acquire a

minority stake in the Group's subsidiaries. Under the terms proposed by the

investor, it would have the right to acquire a further minority interest at a

higher valuation at the end of 2025.

For further information, please contact:

Torgeir Dagsleth, CFO

Seacrest Petroleo Bermuda Limited

Tel. +47 958 91 970

E-mail: torgeir.dagsleth@seacrest.com

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 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 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.