Seacrest Petroleo Bermuda Limited: Production substantially recovered from offtake and storage-driven reduction

Rio de Janeiro, Brazil/Hamilton, Bermuda, 27th November 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) today provides an update
on production volumes. The Company disclosed with its third quarter 2023 results
that a combination of weather events had resulted in an exceptional nine-week
period between full offtakes, requiring a material reduction in production
levels in November to manage remaining storage capacity at Terminal Norte

An offtake that commenced on 20 November allowed the Company to ramp production
back up to normal levels. Seacrest Petroleo’s net production of oil and natural
gas as of yesterday had already reached 8,279 boepd (7,503 bopd oil), marking a
substantial recovery from the managed reduction.

Michael Stewart, CEO, said, “The rapid recovery in production is an
organizational and technical success that highlights the Company’s ability to
safely and efficiently respond to major challenges. It is a direct result of the
well-executed drawdown in production, which required detailed management of
wells and infrastructure to preserve the ability to quickly resume output. We
are looking forward to further growing production through our ongoing infill
drilling programme.”

For further information, please contact:

Torgeir Dagsleth, Group CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 95 89 19 70

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 and the accompanying report and
presentation 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 and the accompanying report and presentation 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 and the accompanying report and presentation by such
forward-looking statements. The information, opinions and forward-looking
statements contained in this release and the accompanying report and
presentation speak only as at the date of this release and are subject to change
without notice.

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