Seacrest Petroleo Bermuda Limited: New hedging arrangements

Rio de Janeiro, Brazil/Hamilton, Bermuda, 29 June 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) has today entered into
hedge arrangements for 96,878 bbl of its future production for the period from
April to June 2024, 77,183 bbl for the period from April to June 2025 and
154,293 bbl for the period from April to June 2026.

These hedge transactions are concluded in compliance with the Company’s
syndicated credit agreement with five banks in Brazil led by Morgan Stanley
Senior Funding, Inc. Seacrest Petroleo conducted a competitive bidding process,
and the best offers received by the Company for the April to June 2024 and 2025
periods were made by Banco Morgan Stanley S.A. and for the April to June 2026
period by Mercuria Energy Trading SA, an affiliate of Mercuria Energy Group
Limited that holds approximately 29.7% of the Company’s share capital and votes.

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. 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.

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