Green Energy Group (SeaBird Exploration Plc) – Update on potential subsequent offering

Reference is made to the stock exchange announcements by SeaBird Exploration PLC (in the process of changing its name to Green Energy Group, hereinafter referred to as the “Company”) on 30 June and 1 July 2021 regarding the successful completion of a private placement (the “Private Placement”), and a potential subsequent offering (the “Subsequent Offering”) of up to 1,750,000 new shares directed towards shareholders of the Company as of 30 June 2021 who were not allocated shares in the Private Placement.

Since the completion of the Private Placement, the Company’s shares have over time traded on the Oslo Stock Exchange, with significant trading volume, at prices below the subscription price in the Private Placement of NOK 4.50 per share. Accordingly, shareholders wishing to neutralize the dilutive effect of the Private Placement have had the opportunity to purchase shares at prices below what would have been the subscription price in the Subsequent Offering.

To date, despite shares having been traded below NOK 4.50, the Company has not decided to cancel the Subsequent Offering. The reason is that a prospectus will be required for the listing of the Private Placement shares due to the number of shares offered, and a cancellation of the Subsequent Offering at the current time would therefore not result in savings for the Company related to the preparation of a prospectus. As long as the value of the optionality in the Subsequent Offering for the shareholders not participating in the Private Placement can be maintained at zero cost, the Company therefore wishes to do so.

Should shareholders still have the opportunity to purchase shares at below NOK 4.50 at a time when the prospectus is closer to approval, the Company intends to cancel the Subsequent Offering at that time, in order to save costs relating to a Subsequent Offering that would otherwise accrue at said time.

For further information, please contact:

Erik von Krogh, CFO

Tel: + 47 930 38 075

E-mail: erik.von.krogh@sbexp.com