Green Energy Group (Seabird Exploration Plc) announces update on subsequent offering, on offering prospectus and a trading update

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART DIRECTLY OR
INDIRECTLY, IN AUSTRALIA, CANADA, JAPAN, HONG KONG OR THE UNITED STATES OR ANY
OTHER JURISDICTION IN WHICH THE RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE
UNLAWFUL. THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFER OF ANY OF THE
SECURITIES DESCRIBED HEREIN.

GREEN ENERGY GROUP (SEABIRD EXPLORATION PLC) ANNOUNCES UPDATE ON SUBSEQUENT
OFFERING, ON OFFERING PROSPECTUS AND A TRADING UPDATE

Reference is made to the stock exchange releases by Green Energy Group (SeaBird
Exploration Plc, the “Company”) on 14 January 2022 regarding the completion of a
private placement of new shares (the “Private Placement”) and the resolution to
carry out a subsequent offering (the “Subsequent Offering”) of up to 3,500,000
shares subject to the publication of an offering prospectus approved by the
relevant prospectus authority (the “Prospectus”).

The Company hereby provides the following update with respect to the forthcoming
Subsequent Offering.

The Prospectus

The Prospectus is expected to be approved by the prospectus authority on or
around 4 May 2022. The final date of approval remains subject to uncertainty,
and will be announced in the ordinary manner when completed.

The Subsequent Offering

The subscription period for the Subsequent Offering is expected to commence on
or around 5 May 2022 and expire at 16:30 (CET) on 12 May 2022. The Subsequent
Offering will be directed at the Company’s shareholders as of close of trading
13 January 2022, as subsequently recorded in the VPS on 17 January 2022 (the
“Record Date”), who were not allocated shares in the Private Placement and who
are not resident in a jurisdiction where such offering would be unlawful, or
would (in jurisdictions other than Norway) require any prospectus filing,
registration or similar action (the “Eligible Shareholders”). The subscription
price will be NOK 2.25 per share. Oversubscription will be permitted.

Each Eligible Shareholder will be granted one (1) non-transferable subscription
right (the “Subscription Rights”) for every 10 shares in the Company held by
such Eligible Shareholder as of the Record Date rounded down to the nearest
whole number of Subscription Rights and each Subscription Right will give the
right to subscribe for and be allocated one (1) new share in the Company,
rounded down to the nearest whole share in the Company.

Dates are subject to clarification. Final dates will be announced when
determined, and may differ from indicated dates.

Trading update

The Company refers to its announcement dated 23 January 2022 of a strategic
review, where the Company announced its ongoing efforts to consolidate its
seismic assets with other parties, and where it also announced that it had
received interest from potential partners in said respect.

As a result of these efforts, the Company is pleased to announce that it has
signed a letter of intent (the “LoI”), granting exclusivity to a party for a
period of time to conduct due diligence towards the acquisition of 100% of the
Company’s seismic operations by way of a share purchase agreement. The LoI
further states that the purchase price shall be calculated on the basis of an
enterprise value of USD 53,000,000 on a cash and debt free basis, and with an
agreed level of working capital. The LoI is subject to the successful conclusion
of the ongoing due diligence and other conditions. There can be no assurance
that the ongoing process will materialize in a transaction, or whether the terms
of any transaction will reflect the LoI. The Company will update on any
significant developments in this process.

Contacts: Ståle Rodahl, Executive Chairman, ph: +47 4840 0593

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation. This stock exchange announcement was published by Green
Energy Group (SeaBird Exploration PLC), on 28 April 2022 at 08.00 CET.

Important information:

The release is not for publication or distribution, in whole or in part directly
or indirectly, in or into Australia, Canada, Japan or the United States
(including its territories and possessions, any state of the United States and
the District of Columbia). This release is an announcement issued pursuant to
legal information obligations. It is issued for information purposes only, and
does not constitute or form part of any offer or solicitation to purchase or
subscribe for securities, in the United States or in any other jurisdiction. The
securities mentioned herein have not been, and will not be, registered under the
United States Securities Act of 1933, as amended (the “US Securities Act”). The
securities may not be offered or sold in the United States except pursuant to an
exemption from the registration requirements of the US Securities Act. The
Company does not intend to register any portion of the offering of the
securities in the United States or to conduct a public offering of the
securities in the United States. Copies of this announcement are not being made
and may not be distributed or sent into Australia, Canada, Japan or the United
States.

The issue, subscription or purchase of shares in the Company is subject to
specific legal or regulatory restrictions in certain jurisdictions. The Company
does not assume any responsibility in the event there is a violation by any
person of such restrictions.

The distribution of this release may in certain jurisdictions be restricted by
law. Persons into whose possession this release comes should inform themselves
about and observe any such restrictions. Any failure to comply with these
restrictions may constitute a violation of the securities laws of any such
jurisdiction.

Forward-looking statements: This release and any materials distributed in
connection with this release may contain certain forward-looking statements. By
their nature, forward-looking statements involve risk and uncertainty because
they reflect the Company’s current expectations and assumptions as to future
events and circumstances that may not prove accurate. A number of material
factors could cause actual results and developments to differ materially from
those expressed or implied by these forward-looking statements.