Seacrest Petroleo Bermuda Limited: Infill Drilling and Workover Update

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Rio de Janeiro, Brazil/Hamilton, Bermuda, 30 January 2024:  Reference is made to
the stock exchange notice of 29 November 2023 concerning initial drilling
results and the presentation to investors released by Seacrest Petroleo Bermuda
Limited ("Seacrest Petroleo" or the "Company") on Thursday, 25 January, in which
the Company referred to the commencement of infill drilling at the Inhambu field
and the first production wells entering the steam cycle, as well as the
Company's well workover programme.  Today, the Company provides a further update
on the initial wells drilled and its well workover programme.

The Company has commenced a  drilling programme of up to 300 wells over the next
four years to increase production to 30,000 boepd.  To date, the Company has
drilled  eight first phase, top hole section wells and three second phase,
reservoir section wells. After a deviation control issue on the first well, the
second and third wells' deviation was on target.  The first two second phase
wells are now in the steam injection cycle phase, having encountered net
thickness of reservoir consistent with pre-drill estimates.  The production from
these two wells based on logged reservoir parameters is anticipated to meet or
exceed the average production for other wells at the Inhambu field, but final
figures will only be available once the steam period is completed.  Production
typically commences 3-4 weeks after steam injection.  The third second phase
well will require a mechanical sidetrack.  Such operational challenges are not
uncommon in a programme of this kind.  However, the anticipated deferral of
production from this well is only 50 bopd for 2024 and therefore not material in
the context of the Company's 9,000 boepd production base. 

The Company is currently expediting well workovers that it believes will
increase production by over 300 bopd over the next three weeks, as well as
preparing for further drilling.  In 2023, the Company executed 91 well workovers
on plan, generating an additional 3,700 bopd and adding over 2 MMbbls of Proven
Developed Producing reserves.
Seacrest Petroleo will keep the market updated on developments relating to its
drilling and workover programmes when and if appropriate.

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 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.