Seacrest Portfolio Company AziLat Partners with ExxonMobil and Expands Portfolio, Offshore Brazil

AziLat Ltd. (“AziLat”), the South America focused oil and gas
exploration company backed by Seacrest Capital Group, is pleased to
announce that it has entered into a transaction (“the transaction”) with
OGX Petróleo e Gás S.A. (“OGX”), to acquire OGX’s full interest in two
blocks (“the blocks”), offshore Brazil.

The blocks are located in the Ceará Basin and the Potiguar Basin in the
Equatorial Conjugate Margin offshore Brazil and are operated by
ExxonMobil Exploração Brasil Ltda (“ExxonMobil”).

Upon completion of the transaction, the participating interests in the
blocks will be as follows:

Under the terms of the transaction, AziLat, through its local subsidiary
AziBras Exploração de Petróleo e Gás Ltda. (“AziBras”), will assume the
OGX working interest in the two licenses following the approval of the
Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis - ANP.

Petroleum Geo Services A.S.A. is shooting a 1,100 km² 3D
seismic survey on Block CE-M-603, already underway, and a 1,000 km² 3D
survey in Block POT-M-475 is expected to commence in Q1 2016.

AziLat Managing Director, Michael Stewart, commented:

“We are extremely pleased with this transaction. The two blocks are
located in the Ceara and Potiguar basins of the Conjugate Equatorial
Margin of Brazil, one of the most exciting exploration areas globally
and home to a number of giant discoveries. These blocks were selected on
their specific potential to contain hydrocarbon accumulations, similar
to those found elsewhere on the equatorial margin. We look forward to
working with ExxonMobil on progressing the work program.

We continue to evaluate opportunities offshore Brazil as we expand our
presence in this established oil producing region.”

Seacrest Capital Group Managing Partner, Erik Tiller, commented:

“This transaction follows a thorough and lengthy review of the Brazil
offshore basins and a disciplined filtering of a number of
opportunities. The AziLat team combines expert regional knowledge with
deal-making capabilities, both of which were crucial to this
transaction. These blocks are highly attractive and give us the scope to
apply our team’s regional and international experience of the Atlantic
Margins to progress the understanding of these assets.”

Notes to Editors:

AziLat is a Seacrest Capital Group backed E&P company, focused on South
America.

Seacrest Capital Group is a leading independent energy investor
specialising in offshore oil and gas investments, leveraging its
proprietary assets, relationships and operational and technical
capabilities to build a diversified, global portfolio of regionally
focussed oil and gas companies. Since 2010, Seacrest has invested in a
number of successful oil and gas companies in the United Kingdom,
Norway, West Africa, Ireland, South East Asia and South America.

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