Seacrest Petroleo Bermuda Limited entered into hedge arrangements for 96,878 bbl of its future production for the period from April to June 2024, 77,183 bbl for the period from April to June 2025 and 154,293 bbl for the period from April to June 2026. These hedge transactions are concluded in compliance with the Company's syndicated credit agreement with five banks in Brazil led by Morgan Stanley Senior Funding Inc. Seacrest Petroleo conducted a competitive bidding process, and the best offers received by the Company for the April to June 2024 and 2025 periods were made by Banco Morgan Stanley S.A. and for the April to June 2026 period by Mercuria Energy Trading SA.