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Seacrest Petroleo Bermuda Limited: Notice of Motion Filed in Recuperação Judicial of SPCBL Group in Brazil

Hamilton, Bermuda, 24 July 2025: Seacrest Petroleo Bermuda Limited (in Provisional Liquidation) ("Seacrest Petroleo" or the "Company") refers to its announcement on 7 March 2025 regarding the appointment of Mike Penrose and Igal Wizman as Joint Provisional Liquidators ("JPLs") over the Company.

On 21 July 2025, the JPLs filed a motion in the Recuperação Judicial (“RJ”) of the Seacrest Petroleo Cricare Bermuda Limited (“SPCBL”) Group in Brazil (Judicial Recovery No. 1021319-27.2025.8.26.0100). The JPLs submitted the motion on behalf of SPBL with the intention of obtaining information to assist in establishing a creditor claim in the RJ as relates to the intercompany debt originally owed by SPCBL to SPBL. The motion requested the following from the SPCBL Group:

Copies of the contractual documents and respective calculation of the creditor claims held by the secured lenders (the “Secured Lenders”) under the Kraken Credit Agreement;
Copies of all contractual documents related to the enforcement of the guarantees under the Kraken Credit Agreement;
Details of the amortization of the secured and unsecured creditor claims held by the Secured Lenders after the execution of the guarantees under the Kraken Credit Agreement, with a clear indication of the outstanding balance of the creditor claims after the execution; and
Clarifications on all acts and procedures for the execution of the guarantees and amounts received by Secured Lenders in the context of the execution of the guarantees of the Kraken Credit Agreement Agreement.

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.