Rio de Janeiro, Brazil/Hamilton, Bermuda, 29 March 2023. Please find attached the minutes from the special general meeting (SGM) of Seacrest Petroleo Bermuda Limited (the “Company”), held today at 10.00 am Bermuda time/ 3.00 pm CET.
The only item on the agenda, a proposal for a reverse share split in order to reduce the number of the Company’s issued shares and thereby increase the market value per share to above NOK 10, as mandated by the rules of the Oslo Stock Exchange, was approved by the special general meeting as proposed by the Company’s board of directors.
The fractional entitlements resulting from the reverse share split will now be sold on behalf of any shareholders holding a fraction of a share. As the net sale proceeds of those sales will be of a nominal value only, the net sale proceeds will not be distributed to the shareholders concerned and will be retained by the company and applied to its business purposes in accordance with its bye-laws.
The Company will publish key information regarding the completion of the reverse share split in a separate stock exchange notice today.
For further information, please contact:
Torgeir Dagsleth, Chief Financial Officer
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970
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. Current production is 7,000 bbl/d which is expected to triple by 2025. 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 and the Oslo Rule Book part II.