The summer season at the Sunrise River Beach Resort (the "Resort") has now been
concluded, and Black Sea Property AS (the "Company") and EPO Aheloy OOD (the
holding company for the Resort, "EPO Aheloy") have received positive feedback
from tour operators on the facilities and services available at the Resort.
Through the season, there were approximately 60,000 paid bed-nights and a top
occupancy of 1,400 guests per day in the most active part of the season. Based
on this, the Company is pleased to report preliminary revenue figures of
approximately EUR 1.4 million for the season.

The achieved revenues indicate an EBITDA, including estimated costs during the
previous off-season September 2022 until June 2023, of approximately EUR
330,000. This EBITDA figure is approximately EUR 500,000 lower than internal
targets prior to the start of the season, which are mainly caused by a shorter
peak season due to the school year in Ukraine being extended and lower occupancy
levels at the start and end of the season (which are normally characterized by
lower activity than in the middle of the season). Final results for the calendar
year 2023 will be presented in the Company's annual financial statements for
2023, which will be published during the first half of 2024.

Due to the achieved EBITDA being lower than internal targets and higher
investment costs prior to start of the season than anticipated, EPO Aheloy has a
funding need of approximately EUR 800,000 in order to make a mandatory payment
of incurred interest under EPO Aheloy's credit facility with Penchev Consult,
due in November 2023. The Board of the Company will therefore initiate a process
to raise an amount of EUR 600,000, representing 75 % of the indicated capital
requirement. The remaining 25 % equal to EUR 200.000 will be committed by the
CompanyŽs partner Sunset Resort Holding (Boyan Bonev).

For information, the current (August 31) outstanding external loans of EPO
Aheloy are EUR 6,5 million to First Investment Bank and EUR 6,2 million to
Penchev Consult (excluding accrued interest).

Further, as an ongoing assessment of alternatives to maximize shareholder value,
the Company's Board of Directors, along with its local Bulgarian partner, Boyan
Bonev, has recently initiated a process for a sale of the Resort with an
ambition to conclude a potential sale during 2024.

Further information on the above two processes will be given in due course.

For further information, please contact:

Egil Melkevik, Chairman
Tel: +47 90 77 09 76
E-mail: em@ms-solutions.no

About Black Sea Property AS:

Black Sea Property AS is a real estate company with holdings in a real estate
project on the Black Sea coast called Sunrise River Beach Resort. Sunrise River
Beach Resort is a partially completed project and will upon completion comprise
approximately 950 apartments as well as significant commercial space. Black Sea
Property AS has indirect ownership to the project and will work to finalize
Sunrise River Beach Resort, to realize the project's added value through the
sale of residential units and hotel operations.