First of 300-well drilling program yields excellent log results

Rio de Janeiro, Brazil/Hamilton, Bermuda, 29th November 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) today provides log
interpretation results from its first infill well drilled at the Inhambu heavy
oil field. This is the first of its 300-well infill drilling program planned
over the next four years. IBU-70 encountered 129m (423ft) of gross sandstone
reservoir, with porosity ranging from 17-25%. The well will be completed in two
reservoir zones, with net thickness totalling 79m (259ft). This is 27% above the
62m (203ft) average net reservoir thickness of the wells drilled by the prior
operator in the area of the field targeted by this well.

“We are delighted to announce these drilling log results for the first well in
the Inhambu field. This puts us in a position to continue the drilling campaign
of 300 wells, aiming for a production target of more than 21,000 bbl/d in the
next two years”, said the CEO of Seacrest Petroleo, Michael Stewart.

The Inhambu heavy oil drilling program, which will be the primary driver of the
Company’s production growth in the first half of 2024. Of these, 14 well sites
have already been constructed, with 11 more to be completed this year. The heavy
oil drilling program will be followed in parallel by the drilling of deeper
light oil wells as the Company ramps up activity through 2024.

The Company is drilling and steaming in batches of three wells ; the first batch
is expected to begin contributing to production in January. The Company has
three drilling rigs under exclusive MOU for 2024.

For further information, please contact:

Torgeir Dagsleth, Group CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 95 89 19 70

John de los Santos, Head of Investor Relations
Seacrest Petroleo Bermuda Limited
Tel. +44 79 4971 4756

The information in this notice 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.

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