Seacrest Petroleo Bermuda Limited: Second quarter 2023 production and offtake update

Rio de Janeiro, Brazil/Hamilton, Bermuda, 21 July 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) will publish its
financial report for the second quarter 2023 on Tuesday, 22 August. Today, the
Company provides an update on production and sales volumes and other relevant
items for the period.

Seacrest Petroleo is pleased to confirm that production from the Norte Capixaba
and Cricaré fields averaged 8,795 boepd in the second quarter of 2023, in line
with prior guidance.

This 24% growth in field production over the prior quarter reflects the
efficient takeover of Norte Capixaba operations from the prior operator during
the quarter and the immediate execution of the Company’s well repair and
optimization programme. Seacrest Petroleo successfully more than doubled gas
production in the fields in order to internally source the required energy
previously supplied from the prior operator’s offshore fields.

The volumes of oil sold in the quarter amounted to 777 kbbls (of which 100 kbbls
were purchased during the quarter as third party oil and diluent). Seacrest
Petroleo obtained an average net realized oil price of USD 69 per bbl in the

Pro forma field production incl. Norte Capixaba Q2’23 Q1’23 Q2’22
Oil 8 033 6 753 6 875
Gas 762 321 279
Total 8 795 7 074 7 154

Pro forma field production incl. Norte Capixaba Q2’23 Q1’23 Q2’22
Cricaré 3 019 2 297 1 213
Norte Capixaba 5 775 4 778 5 941
Total 8 795 7 074 7 154

Net realised oil price 68.5 66.3 107.4

Volumes sold (‘000 bbls)
Liftings of oil (incl. 100k bbl diluent
and 3rd party oil purchases) 777 134 101
Production of oil (Norte Capixaba from 13/4/23) 669 190 107

The pro forma financial information presented above does not purport to
represent what the Company’s actual balance sheet or statement of profit or loss
would have been had the events which were the subject of the adjustments
occurred on the relevant dates. Such pro forma financial information does not
include all of the information required for financial statements under IFRS.

Other items

Seacrest Petroleo will release its quarterly results on 22 August at
approximately 07:00 CET
Further details will be provided closer to the release date.

For further information, please contact:

Torgeir Dagsleth, Group CFO
Seacrest Petroleo Bermuda Limited
Tel. +47 958 91 970

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.

Notice to reader

Seacrest Petroleo’s results presented in this press release are, unless
otherwise stated, based on IFRS and have not been externally reviewed and
audited. The financial information presented herein is based on internal
management accounts, is the responsibility of management and has not been
externally audited, reviewed or verified. Although we believe the information to
be reasonable, actual results may vary from the information contained above and
such variations could be material. As such, you should not place undue reliance
on this information. This information may not be indicative of the actual
results for the quarter or any future period.

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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