SeaBird Exploration Plc: Approval of prospectus

30 April 2015, Limassol, Cyprus

Reference is made to previous press releases regarding the restructuring (the "Restructuring") of SeaBird Exploration PLC (the "Company"), i.a. the press release dated 3 March 2015 where the Company announced the issue of new preference shares, warrants convertible into new ordinary shares and a new secured bond. The Financial Supervisory Authority of Norway has on 30 April 2015 approved a prospectus concerning (i) the listing and admission to trading on Oslo Børs of 3,007,846,500 new shares, each with a par value of USD 0.0001, (ii) the application for listing and admission to trading on Oslo Børs of Bonds issued by the Company's subsidiary SeaBird Exploration Finance Limited in SBX04, being a USD 29.3 million first lien callable bond issue 2015/2018 and (iii) the application for listing of 884,687,500 warrants maturing in 2018. The Prospectus is available on the Company's web site www.sbexp.com.

The new ordinary shares which are covered by the prospectus are not yet listed on the Oslo Stock Exchange. They are expected to be listed on the Oslo Stock Exchange after a settlement period in the VPS, currently expected to be on or around 7 May 2015. The Company will give an announcement on the effective day of the listing of the new ordinary shares. The new bonds and warrants are not yet listed.  

SeaBird is a global provider of marine acquisition for 2D/3D and 4D seismic data, and associated products and services to the oil and gas industry. SeaBird specializes in high quality operations within the high end of the source vessel and 2D market, as well as in the shallow/deep water 2D/3D and 4D market. Main focus for the company is proprietary seismic surveys (contract seismic). Main success criteria for the company are an unrelenting focus on Health, Safety, Security, Environment and Quality (HSSEQ), combined with efficient collection of high quality seismic data. All statements in this press release other than statements of historical fact are forward-looking statements and are subject to a number of risks, uncertainties and assumptions that are difficult to predict, and are based upon assumptions as to future events that may not prove accurate. These factors include SeaBird`s reliance on a cyclical industry and the utilization of the company's vessels. Actual results may differ substantially from those expected or projected in the forward-looking statements.

This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.

For further queries contact:

Dag Reynolds
CEO SeaBird Exploration
Phone: +47 90883737

Nils Haugestad
CFO SeaBird Exploration
Phone: +971 4 427 1700