Seacrest Petroleo Bermuda Limited: Mandatory notification of trade by close associates of primary insiders

Rio de Janeiro, Brazil/Hamilton, Bermuda, 7 December 2023: Reference is made to
the announcement by Seacrest Petroleo Bermuda Limited (“Seacrest Petroleo” or
the “Company”) on 6 December (the “Announcement”) regarding the successful
completion of a private placement raising gross proceeds of approximately USD
25.6 million (equal to approx. NOK 280 million) (the “Private Placement”) at a
price per share of NOK 9 (the “Offer Price”).

The following close associates of Seacrest Petroleo’s primary insiders have been
allocated shares in the Private Placement at the Offer Price:

* Mercuria Holdings (Singapore) PTE Ltd, a related party of Robert Lawson, a
member of the Company’s board of directors (the “Board”), has subscribed for and
been allocated 9,242,168 shares. Following the transaction, Mercuria Holdings
(Singapore) PTE Ltd owns 101,395,512 shares in Seacrest Petroleo.
* Seacrest Partners III, L.P., a related party of Erik Tiller, chair of the
Board, and Paul Murray, a member of the Board, has subscribed for and been
allocated 3,008,867 shares. Following the transaction, Seacrest Partners III,
L.P owns 34,637,966 shares in Seacrest Petroleo.

For further details on the transactions, see the attached forms.

For further information, please contact:

Torgeir Dagsleth, Chief Financial Officer
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970

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

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.

This information is subject to the disclosure requirements in article 19 of the
Regulation EU 596/2014 (the EU Market Abuse Regulation) and section 5-12 of the
Norwegian Securities Trading Act.

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