Seacrest Petroleo Bermuda Limited: Third quarter 2023 results

Rio de Janeiro, Brazil/Hamilton, Bermuda, 21 November 2023: Seacrest Petroleo
Bermuda Limited (“Seacrest Petroleo” or the “Company”) today reported interim
results for the third quarter of 2023. Both the Q3 report and accompanying
presentation are attached hereto and can be found on the Company website

Third quarter highlights:
o Continued production growth and profitability improvements, EBITDA of USD 9.7
o Commencement of infill drilling programme with very encouraging results so far
o Well reliability and productivity continued to improve
o Safe operations with no serious HSE incidents
o Reducing FY’23 production guidance due to external events in the fourth

Seacrest Petroleo’s oil and gas equivalent production was 9 204 boepd in the
third quarter, an increase of 5% from the second quarter of 2023. The Company
had a realised oil price of USD 79.2/bbl, an increase of 15% sequentially.

Seacrest Petroleo hit a major milestone in September, reaching 10 000 boepd of
production, and average production rose to 9 204 boepd in the third quarter.
While we faced external challenges related to offtake after the end of the
quarter, our internal achievements have positioned us well to continue to grow
production efficiently moving forward. Our infill drilling program commenced at
the end of September, and we are looking forward to assessing its results in Q4.
Mean time between failures at our wells continues to rise, as does productivity,
and we had no serious HSE incidents during the quarter. The company is focusing
on the continuance of the drilling campaigns through 2024 and remains on track
to deliver on our long-term strategy.”- says Michael Stewart, CEO Seacrest

Seacrest Petroleo has 140 mmboe of certified 2P oil and gas reserves and ranks
as the third largest onshore oil and gas producer in Brazil. The Company expects
a gradual increase in production levels for the remainder of the year and has
ambitions to more than triple production in the next three years.

Download the report and presentation here:
Seacrest Petroleo Q3 report Seacrest Petroleo Q3 presentation

Webcast and Q&A session

Today, at 7:00 CET, a presentation of the financial results and operational
developments will be held by the President of the Executive Committee, Scott
Aitken, and Group CFO, Torgeir Dagsleth. The presentation will be conducted as a
webcast. To access the presentation, please use the following link:

Further, today at 15:00 CET, the Company will host a live Q&A session, moderated
by ABG Sundal Collier. We recommend connecting 10 minutes prior to the start of
the call. Information on how to ask questions will be given at the start of the
session. There will be a limit of two questions per participant. To access the
Q&A session please use the following link:

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 press release and the accompanying report and
presentation 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.

Notice to reader

Seacrest Petroleo’s results presented in this press release and the accompanying
report and presentation are, unless otherwise stated, based on IFRS and have not
been externally reviewed and audited. The financial information presented herein
and in the accompanying report and presentation 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 in
the accompanying report and presentation 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 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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