Seacrest Petroleo Bermuda Limited: USD 80 Million Senior Unsecured Bond

Rio de Janeiro, Brazil/Hamilton, Bermuda, 18 January 2024: With reference to its stock exchange announcement of 8 January 2024, Seacrest Petroleo Bermuda Limited (“Seacrest Petroleo” or the “Company”) has today successfully closed the book on a 3 year USD 80 million senior unsecured bond issue with a coupon of 16% p.a. An application will be made for the bonds to be listed on Nordic ABM.

The net proceeds from the bond issue will be used to further strengthen the Company’s balance sheet by paying down working capital facilities and enabling the Company to continue growing production through drilling, work-overs and other field development optimisations at the Norte Capixaba and Cricaré Clusters, as well as for general corporate purposes.

Michael Stewart, CEO of Seacrest Petroleo, commented: “We are pleased that our first bond issue received strong backing from investors. This issue will strengthen our ability to deliver on our growth strategy and create value for our stakeholders”.

ABG Sundal Collier ASA acted as Lead Manager. Wikborg Rein acted as legal advisor to Seacrest Petroleo.