Green Energy Group (SeaBird Exploration Plc): Private placement successfully completed


Reference is made to the stock exchange release by SeaBird Exploration PLC
(“SeaBird” or the “Company”) on 28 July 2022 regarding the intention to carry
out a private placement (the “Private Placement”) of new shares in the Company.

The Company is pleased to announce that the Private Placement has been
successfully placed, and that it has allocated subscriptions for 26,699,600
offer shares (the “Offer Shares”) at a subscription price per share of NOK 3
(the “Offer Price”), raising approx. NOK 80 million in gross proceeds. The
placement attracted broad interest from existing and
new shareholders. Completion of the Private Placement and the issuance of the
new shares were resolved by the Company’s Board of Directors (the “Board”)
pursuant to an authorisation to waive pre-emption rights given by the Company’s
shareholder meeting.

Notification of allocation, including settlement instructions are expected to be
distributed by the Managers on or about 29 July 2022, with settlement on or
about 2 August 2022.

The new shares will be delivered under separate ISIN and will not be tradable on
Oslo Børs until the approval of a listing prospectus. The Offer Shares will be
transferred to the Company’s ordinary ISIN and listed upon approval of a listing
prospectus. The new shares will be registered on the Euronext NOTC in the
interim period, expected within the week starting 1 August 2022.

The following allocation have been given to primary insiders in the Company at
the same terms as other investors:

* Executive Chairman of the Board Ståle Rodahl, through his wholly owned company
Storfjell AS, has been allocated 1,333,300 shares. Following the transaction, he
will own 3,255,775 shares in the Company representing 4,1% of the issued share
capital after completion of the Private Placement.
* Director Øivind Dahl-Stamnes has been allocated 20,000 shares. Following the
transaction, he will own 63,200 shares in the Company representing 0.1 % of the
issued share capital after completion of the Private Placement.

The Board of Directors has resolved to carry out a subsequent offering of up to
2,000,000 shares raising proceeds of up to NOK 6,000,000 at the Offer Price to
its existing shareholders as of close of trading 28 July 2022, as subsequently
recorded in the VPS on 1 August 2022, 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. Such shareholders will be
granted non-tradable subscription rights to subscribe for, and, upon
subscription, be allocated new shares.

The Board, together with the Company’s management and the Manager, has
considered various transaction alternatives to secure new financing. Based on an
overall assessment, considering inter alia the need for funding, execution risk
and possible alternatives, the Board has on the basis of careful considerations
decided that the Private Placement is the alternative that best protects the
Company’s and the shareholders’ joint interests. Thus, the waiver of the
preferential rights inherent in a share capital increase through issuance of new
shares is considered necessary.

Fearnley Securities AS acted as Manager for the Private Placement.

For further information, please contact:

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation. This stock exchange announcement was published by Erik
von Krogh, CFO of Green Energy Group (SeaBird Exploration PLC), on 28 July 2022
at 23.20 CET.

For additional information, please contact: Finn Atle Hamre, CFO,
+47 928 35 991.

This information is considered to be inside information pursuant to the EU
Market Abuse Regulation and is subject to the disclosure requirements pursuant
to Section 5-12 the Norwegian Securities Trading Act. 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, and is subject of the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act. 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. Neither the
Company nor the Manager 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

The Manager is acting for the Company and no one else in connection with the
Private Placement and will not be responsible to anyone other than the Company
providing the protections afforded to their respective clients or for providing
advice in relation to the Private Placement and/or any other matter referred to
in this release.

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.