Seacrest Petroleo Bermuda Limited: 2023 trading and guidance update

Rio de Janeiro, Brazil/Hamilton, Bermuda, 19 September 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) is pleased to announce
that current production now exceeds 10 000 barrels of oil equivalent per day
(boepd) (9 179 barrels of oil) (bopd) and that the Inhambu field drilling
programme has commenced.

The Company has continued to focus on cost-effective operations and capital
efficiency. In particular, the Inhambu well designs have been optimised through
batch drilling and internalisation of some non-critical services to drive down
costs per well by around 15%. The batch drilling process will involve a
rescheduling of the Inhambu drilling programme, resulting in somewhat later
production start dates for the relevant wells compared to the original plan.

The status of key operational milestones are as follows:

o Current oil production of 9 179 bopd from the Cricaré and Norte Capixaba
clusters (versus Q2’23 average of 8 033 bopd and January ’23 average of 5 916
o Deployment of a fifth workover rig commenced in the week of 11 September 2023
o Multi-year Inhambu drilling programme has now commenced, with a firm programme
of 8 to 10 new wells in 2023

The Company also provides an update to its full-year 2023 guidance, which
incorporates the previously announced July and August electrical system
interruptions, the rescheduling of the Inhambu drilling programme and the
improved cost and capital efficiency:

o Average 2023 oil production of 8 000 – 8 200 bopd – (previously 8 700 – 8
900), an 8% reduction
o Production cost of USD 20 – 22 per barrel of oil equivalent (boe) – previously
USD 24-26/boe, a 14% reduction in production cost per boe
o Capex of USD 20-22 million (previously USD 26 million), a 19% decrease

The Company maintains its long-term target of producing more than 21 000 bopd by
the end of 2025, and more than 30 000 bopd by the end of 2027.

Michael Stewart, Chief Executive Officer, commented:

“We are very pleased with achieving the 10 000 boepd production milestone and
commencing drilling on the Inhambu field. The Company’s focus on cost control
and capital efficiency is demonstrated in the lowering of capex and operating
costs guidance for 2023, which will continue to remain a core theme going
For further information, please contact:

Torgeir Dagsleth, CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970

The information this press release 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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