Seacrest Petroleo Bermuda Limited: Production recovery running well ahead of guidance assumptions and full oil offtake completed

Rio de Janeiro, Brazil/Hamilton, Bermuda, 4 December 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) today provides an update
on production and offtakes.

Production continues to recover rapidly and as of 2 December has already reached
99% of early November levels. The pace at which the Company has restored
production materially exceeds the assumptions underlying the existing
7,400-7,600 bopd FY23 guidance.

The Company completed a full offtake of a crude oil cargo on Wednesday, 29
November. With the offtake of this cargo and another offtake scheduled for this
week, storage capacity and terminal operations have returned to normal.

Michael Stewart, Seacrest Petroleo CEO, said “We are very happy to report that
our production recovery has exceeded our earlier expectations. We have proven
our organizational and technical abilities to overcome challenges while managing
risk and are looking forward to further growing production through our ongoing
infill drilling program.”

For further information, please contact:

Torgeir Dagsleth, Group CFO
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

The information in this notice 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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