We refer to the announcements dated 17 February 2012, 20 March 2012, 5 April 2012, 12 April 2012, 20 April 2012, 27 April 2012 and 11 May 2012 by SapuraCrest Petroleum Berhad in relation to the Proposed JV ("Announcements"). Unless otherwise stated, all abbreviations used in this announcement shall have the same meanings as those defined in the Announcements.

On behalf of SKPB, we wish to inform that pursuant to the execution of the ISAs, Seabras Serviços subscribed, on 31 May 2012, for new shares in Seabras Sapura (Bermuda) and Seabras Sapura (Brazil) as follows:

Notes:

(1) On 30 March 2012, TLO had subscribed for 27,058,275 new common shares of BRL1.00 each in Seabras Sapura (Brazil) ("Shares"), thereby increasing its issued and paid-up share capital at that time from BRL900 to BRL27,059,175. Accordingly, Seabras Serviços had on 31 May 2012 subscribed for 27,059,175 new Shares, being the aggregate of 900 Shares as set out in the ISA and 27,058,275 Shares as subscribed by TLO on 30 March 2012, such that the equity participations in the JV Companies is maintained at all times in equal proportions of 50:50 as stated in the JVA.

(2) Represents the BRL equivalent of USD14.97 million advanced by Seabras Serviços based on the exchange rate of USD1.00 : BRL1.81 as at 22 March 2012.

Pursuant to the completion of the Subscription, the Proposed JV has become effective on 31 May 2012.

This announcement is dated 31 May 2012.