Seacrest Petroleo — M&A Activity 2024

Apr 8, 2024

Seacrest Petroleo Bermuda Limited: Seacrest Petroleo and PetroReconcavo enter strategic drilling services partnership

Seacrest Petroleo Bermuda Limited: Seacrest Petroleo and PetroReconcavo enter strategic drilling services partnership

Rio de Janeiro, Brazil/Hamilton, Bermuda, 8 April 2024: Seacrest Petroleo

Bermuda Limited ("Seacrest Petroleo") and PetroReconcavo today announce that

the companies have entered into a drilling rig services partnership. Under

this strategic partnership, PetroReconcavo has mobilised a drilling rig and an

extensive suite of drilling rig services to commence drilling by the end of

April. This allows Seacrest Petroleo to accelerate the restart of its 300-well

infill drilling program, the largest onshore Brazil, leveraging the

track-record of the most experienced onshore drilling capability in Brazil.

Scott Aitken, Seacrest Petroleo's President of the Executive Committee, said:

"We are delighted to announce the acceleration of our 300-well drilling

programme with PetroReconcavo. The partnership gives us access to a

high-quality drilling rig backed by an experienced organization with a track

record of leading drilling performance, which we can embed into our own

operations."

José Firmo, CEO of PetroReconcavo, said: " This contract represents an

opportunity for PetroReconcavo to optimize the installed capacity of its

drilling rig fleet and services, also representing a strategic move to create

an ecosystem of cooperation and partnerships with other Brazilian onshore

operators."

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 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.

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.