Shamaran Petroleum Corporation (PK) (SHASF)

ShaMaran Announces First Day of Trading on Euronext Growth Oslo and Publication of Information DocumentJune 5, 2026 1:00 AM
PR Newswire (Canada) HAMILTON, Bermuda, June 5, 2026 /CNW/ - ShaMaran Petroleum Ltd. ("ShaMaran" or the "Company") refers to the previous announcements regarding the admission to trading of the Company's shares on Euronext Growth Oslo (the "Listing"). PDF VersionThe Company has prepared an information document solely for the purpose of the Listing. The information document is attached to this announcement and will also be made available on the Company's website (Oslo Listing and Bermuda Continuance | ShaMaran Petroleum Ltd).The first day of trading in the Company's shares on Euronext Growth Oslo will be today, 5 June 2026.Pareto Securities is acting as Euronext Growth Advisor in connection with the Listing. Advokatfirmaet Thommessen AS is acting as Norwegian legal advisor to the Company in connection with the Listing.About ShaMaran Petroleum Ltd.ShaMaran is an independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. ShaMaran is part of the Lundin Group of Companies.Important InformationThese materials are not and do not form a part of any offer of securities for sale, or a solicitation of an offer to purchase, any securities of the Company in the United States or any other jurisdiction. Copies of these materials are not being made and may not be distributed or sent into any jurisdiction in which such distribution would be unlawful or would require registration or other measures. The securities referred to in this announcement have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), and accordingly may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and in accordance with applicable U.S. state securities laws. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States. Any sale in the United States of the securities mentioned herein will be made solely to "qualified institutional buyers" (QIBs) as defined in Rule 144A under the Securities Act, pursuant to an exemption from the registration requirements under the Securities Act, as well as to major U.S. institutional investors under SEC Rule 15a-6 to the United States Exchange Act of 1934, as amended. In any EEA member state, this communication is only addressed to and is only directed at qualified investors in that member state within the meaning of the EU Prospectus Regulation, i.e., only to investors who can receive any offering of securities referred to in this announcement without an approved prospectus in such EEA member state. "EU Prospectus Regulation" means Regulation (EU) 2017/1129, as amended (together with any applicable implementing measures in any EEA member state). In the United Kingdom, this communication is only addressed to and is only directed at Qualified Investors who are (i) investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Order") or (ii) persons falling within Article 49(2)(a) to (d) of the Order (high net worth companies, unincorporated associations, etc.) (all such persons together being referred to as "Relevant Persons"). These materials are directed only at Relevant Persons and must not be acted on or relied on by persons who are not Relevant Persons. Any investment or investment activity to which this communication relates is available only to Relevant Persons and will be engaged in only with Relevant Persons. Persons distributing this communication must satisfy themselves that it is lawful to do so.Forward-Looking StatementsMatters discussed in this announcement may constitute forward-looking statements. The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. SOURCE ShaMaran Petroleum Ltd. Original: ShaMaran Announces First Day of Trading on Euronext Growth Oslo and Publication of Information Document

ShaMaran Announces Successful Retail Private PlacementJune 2, 2026 5:00 PM
PR Newswire (Canada) HAMILTON, Bermuda, June 2, 2026 /CNW/ - ShaMaran Petroleum Ltd. ("ShaMaran" or the "Company") has placed the previously announced retail private placement of new shares in the Company (the "Offer Shares") for the NOK equivalent of up to EUR 1 million (the "Retail Private Placement") in connection with the contemplated listing of the Company on Euronext Growth Oslo market ("EGO") operated by the Oslo Stock Exchange ("OSE"). ShaMaran announces that 8,999,999 Offer Shares have been successfully placed with the Retail Private Placement multiple times oversubscribed, and the Company welcomes more than 400 new shareholders. Pareto Securities AS acted as manager for the Retail Private Placement (the "Manager"). PDF versionThe price to be paid for each Offer Share in the Retail Private Placement (the "Offer Price") is NOK 1.20, equal to a 10% discount to the volume-weighted average price of the Swedish depositary receipts (reflecting the underlying shares in the Company) on Nasdaq First North Growth Market during the application period (four trading days between 28 May 2026 and 2 June 2026), converted to NOK using Norges Bank's SEK/NOK exchange rate on 2 June 2026 and rounded down to the nearest one decimal. Since trading on Nasdaq First Growth Market did not commence until 29 May 2026, only trades conducted from 29 May 2026 until 2 June 2026 are included in the VWAP calculation.All applicants who submitted a valid application will receive an allocation.Notifications of allocation of Offer Shares and the corresponding amounts to be paid by investors are expected to be communicated to investors on or about 3 June 2026. Investors who have access to investor services through their VPS account manager will be able to see how many Offer Shares they have been allocated from 12:00 CEST on 3 June 2026. Any investor who does not have direct access to VPS may contact the Manager from 12:00 CEST on 3 June 2026 for information on the number of Offer Shares they have been allocated. Payment for the allocated Offer Shares is due on 4 June 2026, and there must be sufficient funds in the stated bank account from 3 June 2026.Subject to timely payment, the Offer Shares delivered to the investors are expected to be delivered 5 June 2026, and hence tradable on EGO upon the first day of trading of the Company's shares on EGO, expected on or about 5 June 2026.Completion of the Retail Private Placement is subject to: (i) All corporate resolutions of the Company required to implement the Offering being validly made and (ii) the Offer Shares being validly issued and registered in the Norwegian Central Securities Depository.For further information about the Retail Offering, please contact:Pareto Securities AS: +47 22 87 87 50About ShaMaran Petroleum Ltd.ShaMaran is an independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. ShaMaran is part of the Lundin Group of Companies. SOURCE ShaMaran Petroleum Ltd. Original: ShaMaran Announces Successful Retail Private Placement

ShaMaran Announces Completion of Corporate Continuance to Bermuda and Update on Primary Listing in Oslo with Required Private Placement of up to EUR 1 millionMay 28, 2026 2:30 AM
PR Newswire (Canada) VANCOUVER, BC, May 28, 2026 /CNW/ - ShaMaran Petroleum Ltd., formerly ShaMaran Petroleum Corp., ("ShaMaran" or the "Company") (Nasdaq First North: SNM) has completed the previously announced corporate continuance from Canada to Bermuda. The Company's shares have been delisted from the TSX Venture Exchange in Toronto ("TSXV") and are expected to begin trading under ticker symbol "SNM" on the Euronext Growth Oslo market ("EGO") operated by the Oslo Stock Exchange ("OSE") by June 5, 2026. In order to satisfy the listing criteria on EGO, Management expects to do a retail share offering of up to the NOK equivalent of EUR 1 million. PDF Version ShaMaran's listing application has been approved by the Board of Oslo Stock Exchange, and the Company has completed the steps required under its bond documentation.

Technical Information Related to Stock Exchange ListingsActionExpected Key DateLast day of trading on TSXV and start of technical trade suspension on Nasdaq
First North Growth Market ("Nasdaq First North") following market close.CompletedRedomicile Effective Date. CompletedTSXV Delisting Effective Date.CompletedRegistration of shares in the Norwegian Central Securities Depository,
Verdipapirsentralen ("VPS"), formal de-listing of shares from Nasdaq First North.CompletedRecord Date for exchange from shares to Swedish Depositary Receipts ("SDRs").CompletedIssuance of SDRs with the first day of conditional trading on Nasdaq First North.May 28, 2026Delivery of SDRs to entitled holders' accounts.May 29, 2026 Commencement of free conversion period for SDRs to Euronext Growth shares.June 2, 2026Start of trading on EGO. June 5, 2026Following registration of all shares in VPS, the newly issued SDRs are as of today listed on Nasdaq First North Growth Market in Sweden with conditional trading (with the ticker symbol "SNM"). The newly issued SDRs will be delivered to entitled holders' accounts as of May 29, 2026. The planned start of the Company's shares trading on EGO in Norway on June 5, 2026, is indicative and is subject to fulfillment of the relevant listing requirements of EGO and Nasdaq First North.For shareholders holding the Company's shares in Canada, the Company has published on its website (Oslo Listing and Bermuda Continuance | ShaMaran Petroleum Corp.) a VPS transmittal letter. Holders and nominees may use the letter to inform the company and DNB Bank ASA of their VPS account details and to request the registration of their shares in VPS so they can become tradeable in EGO. The completed form should be sent to VPStransmittal@shamaranpetroleum.com for further processing.  The conversion from SDRs listed on Nasdaq First North in Sweden to shares listed on EGO in Norway and vice versa normally entails administrative fees from the custodian or account holding institution. The Company will offer conversion free of charge through DNB Bank ASA Sweden Branch until June 30, 2026, for SDRs listed on Nasdaq First North in Sweden to shares listed on EGO in Norway. If holders convert SDRs after this date, customary costs will apply. Further information on the conversion process will be provided by the Company in connection with, or shortly following, the contemplated listing on EGO.The ISIN for the ShaMaran Petroleum Ltd. shares in VPS is BMG8080M1001.The ISIN for the SDRs is SE0028000992.The Company has made an application to the applicable Canadian securities commissions to cease to be a reporting issuer in Canada.Private Placement for Oslo ListingIn order to satisfy the listing criteria on EGO, ShaMaran has retained Pareto Securities AS (the "Manager") as bookrunner for a contemplated retail share offering of up to the NOK equivalent of EUR 1 million (the "Private Placement" and the "Offer Shares").Key highlights and details for the Private Placement:Price per Offer Share: A pre-determined customary discount of 10% to the volume-weighted-average price (VWAP) of the Swedish depositary receipts (reflecting the underlying shares in the Company) on Nasdaq First North Growth Market during the application period.Application Period: From May 28, 2026, at 09:00 (CEST) to June 2, 2026, at 17:30 (CEST).Minimum order size: NOK 5,500.Maximum order size: NOK 1,000,000.Available to: Investors in Norway and Sweden.Submission of applications: Through the websites of the Manager and Nordnet from the start to the end of the Application Period.The Private Placement will be directed towards retail investors in Norway and Sweden, in each case subject to and in compliance with applicable exemptions from prospectus requirements, any other filing or registration requirements, and subject to other selling restrictions.The net proceeds to the Company from the Private Placement will be used for general corporate purposes.The application period for the Private Placement will commence today, May 28, 2026, at 09:00 (CEST), and expire on June 2, 2026, at 17:30 (CEST) (the "Application Period"). Investors applying for Offer Shares electronically through the web services of Nordnet will be required to submit their applications no later than 16:30 (CEST) on June 2, 2026.The Company may, at its sole discretion, resolve to extend the Application Period at any time and for any reason on short notice or without notice. If the Application Period is extended, any other dates referred to herein may be amended accordingly.The price to be paid for each Offer Share in the Offering will be a NOK amount, using Norges Bank's daily SEK/NOK exchange rate (as published on Norges Bank's website on the final day of the application period), equal to a 10% discount to the volume-weighted average price of the Swedish depositary receipts (reflecting the underlying shares in the Company) on Nasdaq First North Growth Market during the application period (four trading days between May 28, 2026, and June 2, 2026). The final offer price will be rounded down to the nearest one decimal. The final offer price will be announced in connection with the publication of the results of the offering after close of the application period on or about June 2, 2026.Please use the following links to apply for Offer Shares www.paretosec.com/transactions and https://www.nordnet.no/aksjer/ipo-emisjon (the transaction will appear when the Application Period for the Private Placement is live).Completion of the Private Placement is subject to: (i) All corporate resolutions of the Company required to implement the Offering being validly made and (ii) the Offer Shares being validly issued and registered in the Norwegian Central Securities Depository (Euronext Securities Oslo or the "VPS").The Company reserves the right to cancel the Private Placement at any time and for any reason prior to the notification of allocation. Neither the Company nor the Manager or any of their directors, officers, employees, representatives, or advisors will be liable for any losses incurred by applicants if the Private Placement is cancelled, irrespective of the reason for such cancellation.The Offering will be automatically allocated on a pro-rata basis based on the demand from each applicant in the Offering. The Company's board of directors reserves the right to set a maximum allocation per applicant in the Offering and to reject and/or reduce any orders, in whole or in part. The Private Placement will in any case be limited to a maximum of the NOK equivalent of EUR 1 million. Allocations will be reduced should demand exceed this limit.The Offer Shares delivered to the investors are expected to be tradable on EGO upon the first day of trading of the Company's shares on EGO, expected on or about June 5, 2026.Each applicant in the Private Placement accepts the following by placing an application through Nordnet's platform: an investment in the Offer Shares is made solely at the applicant's own risk and is based on the applicant's own assessment of the Company and the Offer Shares. An investment in the Offer Shares is only suitable for investors who can afford to lose the invested amount. No prospectus or other document providing a similar level of disclosure has been prepared in connection with the Private Placement.For further information about the Private Placement, please contact:Pareto Securities AS: +47 22 87 87 50About ShaMaran Petroleum Ltd.ShaMaran is an independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. ShaMaran is part of the Lundin Group of Companies.Important InformationThis information was submitted for publication through the agency of the contact person set out below on May 28, 2026, at 8:30 a.m. CEST.SDRs are expected to be conditionally traded in the "when issued" segment of NASDAQ First North on May 28 and 29, 2026, with unconditional trading starting on June 1, 2026. Completion of the trades will be conditioned upon all the technical elements to issue the SDRs through the Euroclear system being in place by the end of May 29, 2026. If the conditions for completion are not met by that time, the conditionally traded SDRs will not be delivered and payments will be returned. The full ticker of the SDRs is "SNM SDB".The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information, including the timing for the continuance and the other corporate steps indicated above, the ability to obtain all required regulatory approvals, including approval of the applicable Canadian Securities Commissions for the Company to cease to be a reporting issuer. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, timing of pipeline exports, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third-party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2025, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially. The Company cautions readers regarding the reliance placed by them on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information. SOURCE ShaMaran Petroleum Corp. Original: ShaMaran Announces Completion of Corporate Continuance to Bermuda and Update on Primary Listing in Oslo with Required Private Placement of up to EUR 1 million

ShaMaran Announces Expected Timeline for Primary Listing in Oslo and Corporate Continuance to BermudaMay 11, 2026 2:30 AM
PR Newswire (Canada) VANCOUVER, BC, May 11, 2026 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) announces that the process to change the Company's primary listing from the TSX Venture Exchange ("TSXV") to the Euronext Growth Oslo market ("EGO") operated by the Oslo Stock Exchange ("OSE") will begin on May 26, 2026, and is expected to be completed by June 5, 2026. Management plans to simultaneously effect a corporate continuance from Canada to Bermuda to have a more efficient corporate structure. PDF VersionThe Special Meeting of Shareholders held on March 10, 2026, approved the continuance of the Company from Canada to Bermuda and the delisting of the Company's shares from the TSXV. ShaMaran will continue to fully support the secondary listing on Nasdaq First North Growth Market in Stockholm.Following the required approvals, and subject to the conditions precedent set out in the Company's bond documentation, ShaMaran will proceed with the requisite steps to effect the above transactions.Expected Timeline ActionExpected Key DateLast day of trading on TSXV and start of technical trade suspension on Nasdaq
First North Growth Market ("Nasdaq First North") following market close.May 25, 2026

Redomicile Effective Date. May 26, 2026

TSXV Delisting Effective Date.May 26, 2026

Registration of all shares in the Norwegian Central Securities Depository,
Verdipapirsentralen ("VPS"), formal de-listing of shares from Nasdaq First North.May 27, 2026

Record Date for exchange from shares to Swedish Depositary Receipts ("SDRs").     May 27, 2026

Issuance of SDRs with the first day of conditional trading on Nasdaq First North.May 28, 2026

Delivery of SDRs to entitled holders' accounts.May 29, 2026

Commencement of free conversion period for SDRs to Euro Euronext Growth
shares (if any).June 2, 2026

Start of trading on EGO. June 5, 2026The planned start of the Company's shares trading on EGO in Norway on June 5, 2026, is indicative and is subject to fulfillment of the relevant listing requirements of EGO and Nasdaq First North. Similarly, the planned start of trading of SDRs on Nasdaq First North in Sweden on May 28, 2026, is also indicative and subject to the registration of shares in VPS.For shareholders holding the Company's shares through Euroclear Sweden AB ("Euroclear"), upon the continuance becoming effective, the Company's shares will be automatically exchanged for new SDRs. No actions are needed for shareholders holding shares through Euroclear in order for them to receive SDRs.  For more information and the terms and conditions for the SDRs, please see the information circular published on January 29, 2026, available on the Company's website at: www.shamaranpetroleum.comThe Company's shares are currently fully exchangeable between TSXV in Canada and Nasdaq First North in Sweden and will remain fully exchangeable between EGO in Norway and Nasdaq First North in Sweden upon completion of the proposed transactions (provided each shareholder has the requisite accounts in Euroclear and VPS). The Company has published a "Simplified Roadmap For Investors" in connection with the transfer of the Company's primary listing to Oslo on its website (Oslo Listing and Bermuda Continuance | ShaMaran Petroleum Corp.).The conversion from SDRs listed on Nasdaq First North in Sweden to shares listed on EGO in Norway and vice versa normally entails administrative fees from the custodian or account holding institution. The Company will offer conversion free of charge through DNB Bank ASA Sweden Branch until June 30, 2026. If Swedish shareholders convert SDRs or shares after this date, customary costs will apply. Further information on the conversion process will be provided by the Company in connection with, or shortly following, the contemplated listing on EGO.The ISIN codes for the SDRs and the ShaMaran Petroleum Ltd. shares in VPS will be announced by the Company following the effective date of the Continuance.The Company intends to make an application to the applicable Canadian securities commissions to cease to be a reporting issuer in Canada upon completion of the continuance to Bermuda.About ShaMaran Petroleum Corp.ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSXV and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationThis information was submitted for publication through the agency of the contact person set out below on May 11, 2026, at 2:30 a.m. Eastern Time.SDRs are expected to be conditionally traded in the "when issued" segment of NASDAQ First North on May 28 and 29, 2026, with unconditional trading starting on June 1, 2026. Completion of the trades will be conditioned upon all the technical elements to issue the SDRs through the Euroclear system being in place by the end of May 29, 2026. If the conditions for completion are not met by that time, the conditionally traded SDRs will not be delivered and payments will be returned.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information, including the timing for the continuance and the other corporate steps indicated above, the ability to obtain all required regulatory approvals, including approval of the TSXV and the applicable Canadian Securities Commissions in order for the Company to cease to be a reporting issuer. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, timing of pipeline exports, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third-party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2025, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially. The Company cautions readers regarding the reliance placed by them on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE ShaMaran Petroleum Corp. Original: ShaMaran Announces Expected Timeline for Primary Listing in Oslo and Corporate Continuance to Bermuda

ShaMaran Reports First Quarter 2026 ResultsMay 6, 2026 5:30 PM
PR Newswire (Canada) VANCOUVER, BC, May 6, 2026 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management's discussion and analysis ("MD&A") for the three months ended March 31, 2026. PDF VersionGarrett Soden, President and CEO of ShaMaran, commented: "ShaMaran had a solid start to 2026 on the back of operational strength at Atrush and higher price realizations from international export sales. Unfortunately, the Iran war has severely impacted the Kurdistan region with most international oil companies shut-in since early March. Together with our operating partner, HKN, we remain focused on ensuring the safety of personnel, reducing operating expenditures and non-critical activities while maintaining readiness to restart production when the security situation allows. In the meantime, the closure of the Strait of Hormuz has highlighted the critical importance of the Iraq-Türkiye export pipeline as an outlet for all Iraqi crude."Mr. Soden continued: "As previously announced, shareholders approved the proposals to move the Company's primary listing from Toronto to Oslo and to effect a corporate continuance from Canada to Bermuda. We will proceed with that process shortly."Corporate Highlights:On March 2, 2026, the Company announced a temporary production shut-in at both the Atrush and Sarsang blocks as a precautionary measure due to the regional security environment related to the Iran war. Other international oil companies ("IOCs") in the region have also announced temporary production shut-ins since early March, with only a fraction of the pre-Iran war oil volumes being exported from the Kurdistan Region of Iraq ("KRI") via the Iraq-Türkiye pipeline ("ITP");The Company announced on March 5, 2026, an explosion at one of the processing facilities in the Sarsang field and on April 1, 2026, an explosion at one of the storage facilities in the Sarsang field. All personnel were safely accounted for, and no injuries were reported;International oil exports from the KRI through the ITP restarted on September 27, 2025, and continue in line with the interim agreements executed between the Kurdistan Regional Government ("KRG"), Government of Iraq and IOCs, including ShaMaran.IOCs are entitled to receive export payments "in-kind" under the interim agreements, with cargoes sold by the IOC-appointed marketing firm on a regular basis and payments for the sales received approximately 30 days after each lifting. There have been no delays in receiving payment from the Iraqi State Organization for Marketing of Oil ("SOMO") as part of the interim agreements since the start of exports in September 2025.The interim agreements were extended to June 30, 2026, in order to facilitate the reconciliation of IOC invoices with the respective production sharing contracts ("PSCs") by the appointed international consulting firm. IOCs expect full PSC entitlement payment when the review is completed.On March 10, 2026, the Company announced shareholder approval for the continuance of the Company from Canada to Bermuda and the delisting of the Company's shares from the TSXV. Following the continuance to Bermuda, the Company plans to list its shares on the Euronext Growth Oslo market operated by the Oslo Stock Exchange while maintaining the Company's secondary listing on the Nasdaq First North in Stockholm. Once ShaMaran completes both transactions, the Company will no longer be incorporated in British Columbia and subject to the laws of Canada, it will cease to be listed on the TSXV, and it will no longer be a reporting issuer in any jurisdiction in Canada. ShaMaran will instead be incorporated in and subject to the laws of Bermuda.Financial Highlights:
Three months ended March 31,USD Thousands20262025


Revenue38,03135,885Gross margin on oil sales22,69812,476Net cash flow from operating activities21,42332,032Adjusted EBITDAX128,12824,465


Revenue in Q1 2026 was $38.0 million (6% higher than the $35.9 million in Q1 2025) primarily due to oil sales at international prices following the restart of pipeline exports. Production has been suspended since March 2, 2026, impacting revenue in Q1 2026;Gross margin on oil sales in Q1 2026 was $22.7 million (82% higher than the $12.5 million in Q1 2025) mainly due to Q1 2026 pipeline export sales at international pricing and lower costs due to the shut-in;Net cash flow from operating activities in Q1 2026 was $21.4 million (33% lower than the $32.0 million in Q1 2025) mainly from pipeline export interim payments. The decrease is due to timing of cash receipts for pipeline export sales, as well as higher expenditures related to drilling, debottlenecking and maintenance works on both blocks;Adjusted EBITDAX¹ in Q1 2026 was $28.1 million (15% higher than the $24.5 million in Q1 2025) due to a combination of the effects described above and lower corporate costs;At March 31, 2026, the Company had cash of $36.5 million and gross debt (corporate bond) of $143.8 million. Net debt2 was $107.2 million, andAt May 6, 2026, the Company has cash of $40.7 million and gross debt of $143.8 million. Net debt² is $103.1 million._____________________1Adjusted EBITDAX is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information.2Net debt is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information.Operational Highlights:
Three months ended March 31,Three months ended Dec 31,





202620252025
Average daily oil production – gross 100% field (Mbopd)




AtrushSarsang
20.615.335.329.930.227.1
Total
35.965.257.3
Average daily oil production – Company net (Mbopd)




Atrush (50%)Sarsang (18%)
10.32.817.65.415.14.9
Total
13.123.020.0
Oil sales – gross 100% field (Mbbl)




AtrushSarsang
1,8521,3573,1752,7052,7752,451
Total
3,2095,8805,226






At Atrush, average gross daily oil production in Q1 2026 was 20.6 Mbopd;At Sarsang, average gross daily oil production in Q1 2026 was 15.3 Mbopd;Average gross daily oil production from Atrush and Sarsang in Q1 2026 on a combined basis was 35.9 Mbopd (45% lower than the 65.2 Mbopd in Q1 2025) primarily due to the shut-in from the beginning of March 2026 and lower production at the Sarsang Block;  Average Company net daily oil production from Atrush and Sarsang in Q1 2026 on a combined basis was 13.1 Mbopd (43% lower than the 23.0 Mbopd in Q1 2025) primarily due to the shut-in from the beginning of March 2026 and lower production at the Sarsang Block;The operator expects that Atrush will be able to produce at full capacity shortly after field operations restart. Sarsang is expected to restart at reduced capacity, with full production to be reached in phases over several months, as damage assessment is complete and repairs or modifications are made; andOperational plans for the remainder of 2026, including drilling and other capital expenditures, are contingent on the security environment in the region.  The operating plans for 2026 are also contingent on the continuation of the ITP export deal reached with SOMO in 2025, including completion of the reconciliation work by the appointed international consultant and receipt of full PSC entitlement by IOCs, as well as the extension or renegotiation of the ITP agreement between Iraq and Turkey prior to its expiry in July 2026.Subsequent events:On April 1, 2026, the Company announced an explosion at one of the storage facilities in the Sarsang field. All personnel were safely accounted for, and no injuries were reported. Both the Atrush and Sarsang blocks remain shut-in due to the regional security environment, and there is no certainty as to the duration of the shut-in. HKN Energy Ltd. ("HKN"), the operator of the blocks, plans to restart production as soon as safe and secure operations are possible.Abbreviations:MbblThousand barrels of crude oilMbopdThousand barrels of crude oil per dayUSDUnited States dollarShaMaran plans to publish its financial statements for the six months ending June 30, 2026, on August 5, 2026. Except as otherwise indicated, all currency amounts indicated as "$" in this news release are expressed in United States dollars.Non-IFRS Accounting Standards MeasuresThis news release contains certain financial measures, as described below, which do not have standardized meanings prescribed by IFRS Accounting Standards or generally accepted accounting principles (GAAP). As these non-IFRS financial measures are commonly used in the oil and gas industry, the Company believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.The non-IFRS financial measures used in this news release are used by the Company as key measures of financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS Accounting Standards.The following tables set out how the non-IFRS Accounting Standards measures are calculated from figures shown in the audited condensed consolidated financial statements for the three months ended March 31, 2026, together with the accompanying notes (the "Financial Statements"):EBITDAX and Adjusted EBITDAXEBITDAX is calculated as the net result before financial items, taxes, depletion of oil and gas properties, impairment costs, the gains on acquisitions, depreciation and exploration expenses and adjusted for non-recurring profit/loss on sale of assets and other income. The Company uses EBITDAX primarily as a measure of profitability and cash generation. Adjusted EBITDAX adds back non-cash, share-based payments and non-recurring, transaction and project related expenses. A quantitative reconciliation to revenues, the most directly comparable IFRS Accounting Standards measure, is provided below:
Three months ended March 31,USD Thousands20262025Revenues38,03135,885Lifting costs(7,921)(9,434)Other costs of production(111)(127)General and administrative expense(1,871)(5,076)Share-based payments166(3,471)EBITDAX28,29417,777Share-based payments(166)3,471Non-recurring costs-3,217Adjusted EBITDAX28,12824,465Net debtNet debt is a non-IFRS financial measure calculated as total debt less cash and cash equivalents. The Company uses net debt primarily as a measure of leverage. A quantitative reconciliation to total debt, the most directly comparable IFRS Accounting Standards measure, is provided below:
At March 31,


USD Thousands20262025Outstanding principal of ShaMaran Bond (143,768)(173,143)Loan from related party-(15,600)Total debt(143,768)(188,743)Cash and cash equivalents36,52579,329Net debt(107,243)(109,414)All figures in the net debt calculation are based on their nominal value at the balance sheet date. See Notes 9, 15 and 19 in the Financial Statements.About ShaMaran Petroleum Corp.ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on May 6, 2026, at 5:30 p.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2024, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially. The Company cautions readers regarding the reliance placed by them on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. SOURCE ShaMaran Petroleum Corp. Original: ShaMaran Reports First Quarter 2026 Results

ShaMaran Reports Incident at Sarsang FacilityApril 1, 2026 6:14 AM
PR Newswire (Canada)

VANCOUVER, BC, April 1, 2026 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) has been informed by HKN Energy Ltd. ("HKN"), the operator of the Sarsang Block in the Kurdistan region of Iraq, that an explosion occurred earlier today at one of the storage facilities in the Sarang field. PDF VersionAll personnel have been safely accounted for, and no injuries have been reported. HKN has initiated a full assessment of the situation and is coordinating closely with local authorities and relevant stakeholders to manage the response and ensure the safety of surrounding communities.Operations at Sarsang remain suspended while production at Atrush is also still shut-in as a precaution.ShaMaran and HKN are committed to the highest standards of safety and environmental responsibility and will provide further updates as more information becomes available.About ShaMaran Petroleum Corp.ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on April 1, 2026, at 4:00 a.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.  





SOURCE ShaMaran Petroleum Corp.

Original: ShaMaran Reports Incident at Sarsang Facility

ShaMaran Announces Shareholder Approval for Primary Listing in Oslo and Corporate Continuance to BermudaMarch 10, 2026 5:30 PM
PR Newswire (Canada)

VANCOUVER, BC, March 10, 2026 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) announces that the Special Meeting of Shareholders held on March 10, 2026, approved the continuance of the Company from Canada to Bermuda and the delisting of the Company's shares from the TSX Venture Exchange ("TSXV"). Following the continuance to Bermuda, the Company plans to list its shares on the Euronext Growth Oslo market ("EGO") operated by the Oslo Stock Exchange ("OSE") and will maintain the Company's secondary listing on Nasdaq First North Growth Market ("Nasdaq First North") in Stockholm with issuance of Swedish Depositary Receipts ("SDRs"). PDF VersionShareholders voted as follows on the matters before the meeting:Delisting from TSX Venture ExchangeShareholders approved the voluntary delisting of the Company's shares from TSXV (the "Delisting") with 99.53% of the shares represented at the meeting voting in favour of the Delisting.Continuance to Bermuda Shareholders approved the continuance of the Company from British Columbia to Bermuda under the name ShaMaran Petroleum Ltd. (the "Continuance") with 99.53% of the shares represented at the meeting, excluding shares held by promoters, directors and officers of the Corporation, voting in favour of the Continuance.DSU Plan AmendmentShareholders authorized the directors of the Company to amend all of the outstanding deferred share unit ("DSU") grant agreements (the "DSU Plan Amendment") with 99.03% of the shares represented at the meeting, excluding shares held by the holders of DSUs, voting in favour of the DSU Plan Amendment.Other MattersIn connection with the Continuance, the Company has applied for an order to cease to be a reporting issuer in all jurisdictions of Canada in which it is a reporting issuer and, if that order is made, the Company will no longer be a reporting issuer in any jurisdiction in Canada.Following the shareholder approvals, subject to the satisfaction of the conditions precedent set out in the Company's bond documentation and subject to market conditions, the Company will proceed with the requisite steps to effect the above contemplated transactions.ShaMaran will provide an update on the expected timeline for the completion of the various steps of the process in due course.About ShaMaran Petroleum Corp.ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSXV and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on March 10, 2026, at 5:30 p.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information, including the timing for the Continuance, the impact of the Continuance on trading and liquidity of the common shares of the Company, the timing and ability to obtain all required regulatory approvals, including approval of the TSXV, EGO, Nasdaq First North and the applicable Canadian Securities Commissions in order for the Company to cease to be a reporting issuer, timing for the start of trading of the Company's shares on EGO, timing for the commencement of trading of the SDRs and the Company's intention These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, timing of pipeline exports, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third-party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2025, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially. The Company cautions readers regarding the reliance placed by them on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Investor Relations RepresentativeOn July 2, 2014, ShaMaran contracted Robert Eriksson (the "IR Advisor"), currently an employee of Orron Energy AB, for the role of Investor Relations – Sweden pursuant to the terms of an investor relations agreement (the "IR Agreement"). A copy of the IR Agreement was not previously provided to the TSXV for review. The IR Advisor has many years of experience representing various Lundin Group companies and has been contracted to manage communications with shareholders, both current and prospective, to increase awareness of and interest in, ShaMaran (the "Services"). The terms of the IR Agreement were entered into on an arm's length basis and for an initial term of two years. The term of the IR Agreement renews for one-year periods annually.Pursuant to the terms of the IR Agreement, ShaMaran may issue to the IR Advisor options to purchase shares of the Company ("Options") as compensation for the Services provided by the IR Advisor under the IR Agreement. The grant of such Options is at the discretion of the Company's Board, as part of the Company's Long-Term Incentive Plan. Since the date of the IR Agreement, the Company has issued 3,750,000 Options to the IR Advisor, with an average exercise price of CAD $0.08. The IR Advisor is only eligible to participate in the Company's annual Option program as part of the Long-Term Incentive Plan and is not entitled to be granted Restricted Share Units or any other equity-linked compensation as part of the IR Agreement. Other than the issuance of the Options, the Company has not incurred any other costs under the IR Agreement.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.





SOURCE ShaMaran Petroleum Corp.

Original: ShaMaran Announces Shareholder Approval for Primary Listing in Oslo and Corporate Continuance to Bermuda

ShaMaran Reports Incident at Sarsang FacilityMarch 5, 2026 5:30 PM
PR Newswire (Canada)

VANCOUVER, BC, March 5, 2026 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) has been informed by HKN Energy Ltd. ("HKN"), the operator of the Sarsang Block in the Kurdistan region of Iraq, that an explosion occurred earlier today at one of the processing facilities in the Sarang field. PDF Version.All personnel have been safely accounted for, and no injuries have been reported. HKN has initiated a full assessment of the situation and is coordinating closely with local authorities and relevant stakeholders to manage the response and ensure the safety of surrounding communities.Operations at the field have been suspended until the site is secure and a full evaluation is completed. The production at Atrush has also been shut-in as a precaution.ShaMaran and HKN are committed to the highest standards of safety and environmental responsibility and will provide further updates as more information becomes available.About ShaMaran Petroleum Corp.ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on March 5, 2026, at 5:30 p.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.





SOURCE ShaMaran Petroleum Corp.

Original: ShaMaran Reports Incident at Sarsang Facility

ShaMaran Reports Fourth Quarter 2025 Results and Year-End Reserves and ResourcesMarch 4, 2026 5:30 PM
PR Newswire (Canada)

VANCOUVER, BC, March 4, 2026 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management's discussion and analysis ("MD&A") for the three and twelve months ended December 31, 2025. PDF VersionGarrett Soden, President and CEO of ShaMaran, commented: "Our year-end results demonstrate the Company's earnings potential from better international crude pricing following the reopening of the Iraq-Türkiye export pipeline, with sales and EBITDAX¹ materially higher than in previous quarters. Also, payment certainty for our oil sales has significantly improved versus previous exports, enabling ShaMaran and HKN to start investing again in our assets. The debottlenecking at Atrush has increased crude handling capacity to 40,000 bopd, and we plan to 'drill-to-fill' this capacity, depending on the regional security environment. In the meantime, we are working with the appointed international consultant to confirm our full PSC entitlement according to the federal budget agreement, and we look forward to the additional top-up payments for oil sales since pipeline exports restarted last September."Mr. Soden continued: "As previously announced, shareholders will vote on March 10, 2026, at a special meeting about our proposals to move the Company's primary listing from Toronto to Oslo and to effect a corporate continuance from Canada to Bermuda. We will continue to support the Stockholm secondary listing. Several institutional shareholders have joined the Lundin family in indicating their support for the resolutions, and we encourage all shareholders to vote in favor of these changes to attract new investors, increase trading liquidity and streamline future capital returns."Corporate Highlights:International oil exports from the Kurdistan Region of Iraq ("KRI") through the Iraq-Türkiye pipeline ("ITP") restarted on September 27, 2025, and continued uninterrupted during Q4 2025, in line with the interim agreements executed between the Kurdistan Regional Government ("KRG"), Government of Iraq and several international oil companies ("IOCs"), including ShaMaran.IOCs are entitled to receive export payments "in kind" under the interim agreements, with cargoes sold by the IOC-appointed marketing firm on a regular basis, and payments for the sales received approximately 30 days after each lifting.The interim agreements were extended to March 31, 2026, in order to facilitate the reconciliation of IOC invoices with the respective production sharing contracts ("PSCs") by the appointed international consulting firm. Payment for each participating IOC's full PSC entitlement is expected when the review is completed.In 2025, the Company repaid $56.1 million of the corporate bond and extended the maturity of the bond by two years to July 2029. The Company also repaid the $15.6 million balance of the related-party loan plus all accrued and unpaid interest.Financial Highlights:
Three months ended Dec 31,Year ended Dec 31,USD Thousands 2025202420252024Revenue54,66334,749154,869109,392Gross margin on oil sales30,51719,07665,04643,276Net cash flow from operating activities4,67134,69269,07497,965Adjusted EBITDAX139,88723,418107,07076,025 Revenue in Q4 2025 was $54.7 million (57% higher than the $34.7 million in Q4 2024) and $154.9 million for the full-year ("FY") 2025 (42% higher than the $109.4 million in FY 2024) primarily due to oil sales at international prices following the restart of pipeline exports;Gross margin on oil sales in Q4 2025 was $30.5 million (60% higher than the $19.1 million in Q4 2024) and $65.0 million for FY 2025 (50% higher than $43.3 million in FY 2024) mainly due to Q4 2025 pipeline export sales at international pricing, higher local oil sales during the year and a higher working and paying interest in the Atrush Block;Net cash flow from operating activities in Q4 2025 was $4.7 million (86% lower than the $34.7 million in Q4 2024) and $69.1 million during FY 2025 (29% lower than the $98.0 million in FY 2024) mainly due to the timing of cash receipts for pipeline export sales, as well as lower production and higher expenditures related to drilling, debottlenecking and maintenance works on both blocks;Adjusted EBITDAX2 in Q4 2025 was $39.9 million (71% higher than the $23.4 million in Q4 2024) and $107.1 million for FY 2025 (41% higher than the $76.0 million in FY 2024) due to a combination of the effects described above;At December 31, 2025, the Company had cash of $42.1 million and gross debt (corporate bond) of $143.8 million. Net debt2 was $101.6 million; andAt March 4, 2026, the Company has cash of $39.1 million and gross debt of $143.8 million. Net debt³ is $104.7 million.Operational Highlights:

Three months ended Dec 31,Year ended Dec 31

2025202420252024Average daily oil production – gross 100% field (Mbopd)




-          Atrush
30.230.032.525.5-          Sarsang
27.136.425.934.0Total
57.366.458.459.5Average daily oil production – Company net (Mbopd)




-          Atrush (27.6% until August 6, 2024; 50% thereafter)
15.115.016.29.7-          Sarsang (18%)
4.96.64.76.1Total
20.021.620.915.8Oil sales – gross 100% field (Mbbl)




-          Atrush
2,7752,76411,8439,324-          Sarsang
2,4513,2649,41812,180Total
5,2266,02821,26121,504







_______________________________________
1 Adjusted EBITDAX is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information.
2 Net debt is a non-IFRS financial measure. Refer to "Non-IFRS Accounting Standards Measures" below for more information. At Atrush, average gross daily oil production in Q4 2025 was 30.2 Mbopd;At Sarsang, average gross daily oil production in Q4 2025 was 27.1 Mbopd;Average gross daily oil production from Atrush and Sarsang in Q4 2025 on a combined basis was 57.3 Mbopd (14% lower than the 66.4 Mbopd in Q4 2024) and 58.4 Mbopd for FY 2025 (2% lower than the 59.5 Mbopd in FY 2024) primarily due to lower production at the Sarsang Block and the impact of the drone strike in July 2025;Average Company net daily oil production from Atrush and Sarsang in Q4 2025 on a combined basis was 20.0 Mbopd (7% lower than the 21.6 Mbopd in Q4 2024) and 20.9 Mbopd for FY 2025 (32% higher than the 15.8 Mbopd in FY 2024) primarily due to a planned shutdown at the Atrush Block during the quarter as part of the central processing facility debottlenecking project, lower production at the Sarsang block and higher working interest in Atrush for FY 2025;The Company's working interest proved plus probable ("2P") reserves3 decreased from 71.5 MMbbls at December 31, 2024, to 67.1 MMbbls at December 31, 2025, primarily due to produced volumes offset by positive technical revisions, representing a replacement ratio of 42% for year-end 2025; andThe Company's working interest best estimate ("2C") contingent resource4 volumes increased from 72.2 MMbbls at December 31, 2024, to 72.8 MMbbls at December 31, 2025.Subsequent events:On March 2, 2026, the Company announced a temporary production shut-in at both the Atrush and Sarsang blocks as a precautionary measure due to the regional security environment. HKN plans to restart production as soon as possible.Abbreviations:MbblThousand barrels of crude oilMbopdThousand barrels of crude oil per dayUSDUnited States dollarShaMaran plans to publish its financial statements for the three months ending March 31, 2026, on May 6, 2026. Except as otherwise indicated, all currency amounts indicated as "$" in this news release are expressed in United States dollars.Reserve and Resource AdvisoryShaMaran's reserve and contingent resource estimates are as at December 31, 2025, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook ("COGEH"). Unless otherwise stated, all reserves estimates contained herein are the aggregate of "proved reserves" and "probable reserves", together also known as "2P reserves". Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves.Contingent resources are those quantities of petroleum estimated, as at a given date, to be potentially recoverable from known accumulations using established technology or technology under development but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the contingent resources.Contingent resources are further categorized according to the level of certainty associated with the estimates and may be sub-classified based on a project maturity and/or characterized by their economic status. There are three classifications of contingent resources: low estimate, best estimate and high estimate. Best estimate is a classification of estimated resources described in the COGEH as the best estimate of the quantity that will be actually recovered; it is equally likely that the actual remaining quantities recovered will be greater or less than the best estimate. If probabilistic methods are used, there should be at least a 50 percent probability that the quantities actually recovered will equal or exceed the best estimate.This press release contains an oil and gas metric, being 2P reserves replacement ratio, which does not have a standardized meaning or a standard method of calculation and therefore such measure may not be comparable to similar measures used by other companies. This metric is commonly used in the oil and gas industry and has been included herein to provide readers with an additional measure to evaluate ShaMaran's performance. However, such measure is not a reliable indicator of the future performance of ShaMaran, and future performance may not compare to the performance in previous periods._______________________________________
3 Reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities and the Canadian Oil and Gas Evaluation Handbook.
4 The Company's working interest 2C contingent resources are defined as the best estimate of working interest quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.Non-IFRS Accounting Standards MeasuresThis news release contains certain financial measures, as described below, which do not have standardized meanings prescribed by IFRS Accounting Standards or generally accepted accounting principles (GAAP). As these non-IFRS financial measures are commonly used in the oil and gas industry, the Company believes that their inclusion is useful to investors. The reader is cautioned that these amounts may not be directly comparable to measures for other companies where similar terminology is used.The non-IFRS financial measures used in this news release are used by the Company as key measures of financial performance and are not intended to represent operating profits nor should they be viewed as an alternative to cash provided by operating activities, net income or other measures of financial performance calculated in accordance with IFRS Accounting Standards. The following tables set out how the non-IFRS Accounting Standards measures are calculated from figures shown in the audited condensed consolidated financial statements for the three and twelve months ended December 31, 2025, together with the accompanying notes (the "Financial Statements"):EBITDAX and Adjusted EBITDAXEBITDAX is calculated as the net result before financial items, taxes, depletion of oil and gas properties, impairment costs, the gains on acquisitions, depreciation and exploration expenses and adjusted for non-recurring profit/loss on sale of assets and other income. The Company uses EBITDAX primarily as a measure of profitability and cash generation. Adjusted EBITDAX adds back non-cash, share-based payments and non-recurring, transaction and project related expenses. A quantitative reconciliation to revenues, the most directly comparable IFRS Accounting Standards measure, is provided below:
Three months ended Dec 31,Year ended Dec 31,USD Thousands2025202420252024Revenues54,66334,749154,869109,392Lifting costs(11,503)(7,881)(39,240)(25,258)Other costs of production(115)(110)(498)(281)General and administrative expense(4,592)(3,340)(12,712)(7,828)Share-based payments1,115(1,533)(4,837)(3,690)EBITDAX39,56821,88597,58272,335Share-based payments(1,115)1,5334,8373,690Non-recurring costs1,43404,6510Adjusted EBITDAX39,88723,418107,07076,025





Net debt Net debt is a non-IFRS financial measure calculated as total debt less cash and cash equivalents. The Company uses net debt primarily as a measure of leverage. A quantitative reconciliation to total debt, the most directly comparable IFRS Accounting Standards measure, is provided below: 
At December 31,USD Thousands20252024Outstanding principal of ShaMaran Bond (143,768)(199,914)Loan from related party-(15,600)Total debt(143,768)(215,514)Cash and cash equivalents42,13176,801Net debt(101,637)(138,713)All figures in the net debt calculation are based on their nominal value at the balance sheet date. See Notes 17, 18 and 22 in the Financial Statements.About ShaMaran Petroleum Corp.ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on March 4, 2026, at 5:30 p.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2024, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially. The Company cautions readers regarding the reliance placed by them on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.





SOURCE ShaMaran Petroleum Corp.

Original: ShaMaran Reports Fourth Quarter 2025 Results and Year-End Reserves and Resources

ShaMaran Reports Temporary Production Shut-InMarch 2, 2026 2:30 AM
PR Newswire (Canada)

VANCOUVER, BC, March 2, 2026 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) has been informed that HKN Energy Ltd. ("HKN"), the operator of the Atrush and Sarsang blocks in the Kurdistan Region of Iraq, has temporarily shut-in production from both fields as a precautionary measure due to the deterioration in the regional security environment. The Company's assets and personnel have not been impacted. PDF versionShaMaran and HKN are closely monitoring the situation, and the Company will provide further updates as appropriate.About ShaMaran Petroleum Corp.ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.Important InformationShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on March 2, 2026, at 2:30 a.m. Eastern Time.The Company's certified advisor on Nasdaq First North Growth Market is FNCA Sweden AB.Forward-Looking StatementsCertain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management.The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. Certain information set forth in this news release contains forward-looking statements. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, availability of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. The risks outlined above should not be construed as exhaustive. Additional information on these and other factors that could affect the Company's operations and financial results are included in the Company's annual information form for the year ended December 31, 2024, the MD&A and other reports on file with the Canadian Securities Regulatory Authorities that can be accessed on the Company's profile on SEDAR+ at www.sedarplus.ca. Actual future results may differ materially.The Company cautions readers regarding the reliance placed by them on forward-looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.





SOURCE ShaMaran Petroleum Corp.

Original: ShaMaran Reports Temporary Production Shut-In

Turkey to compensate Iraq for stolen Kurdish oil in a scheme that enriched Erdogan’s family

https://nordicmonitor.com/2024/02/turkey-to-compensate-iraq-for-stolen-kurdish-oil-in-a-scheme-that-enriched-erdogans-family/



Turkish taxpayers are facing a substantial financial burden, with a staggering $1.5 billion in compensation coupled with over half a billion dollars in interest owed to the Iraqi federal government. This penalty stems from illicit oil operations, which entailed the transportation and sale of oil from Iraq’s Kurdistan region that was mainly conducted by a company owned by the family of the Turkish president.

On April 10, 2023 Iraq petitioned the US District Court for the District of Columbia to enforce a ruling requiring Turkey to compensate Iraq in the amount of $1.47 billion, stemming from Turkey’s violation of a pipeline agreement in which it was involved in the facilitation of crude-oil exports from Iraq’s Kurdistan region, despite Baghdad’s repeated objections.

Baghdad’s decision to file a lawsuit in the US District Court followed Ankara’s refusal to pay the compensation imposed by the International Chamber of Commerce (ICC) on February 13, 2023.

The penalty arising from the ICC and US federal court decisions is linked to illegal oil transactions orchestrated by Powertrans Petrol ve Enerji Tic. A.S (Powertrans), a company run by Berat Albayrak, the son-in-law of Turkish President Recep Tayyip Erdogan. Despite objections from the Iraqi federal government, the Erdogan administration facilitated the transportation and sale of hundreds of millions of barrels of oil from the Kurdistan Region of Iraq (KRI). This was initially accomplished on land by oil tanker and subsequently via pipelines connecting Iraq’s Kirkuk oilfields to the Turkish port of Ceyhan.

to Ebenezer3: thank you very much for the article by Simon Watkins. This is obviously very bad news for ShaMaran if it is correct. Do you see any chance that Shamaran will retain any of its ownership if this is carried out and Kurdistan is subsumed into Iraq proper and loses its partial autonomy?

Kurdistan Oil Flows Not Expected to Resume Anytime Soon

By Simon Watkins - Feb 06, 2024, 5:00 PM CST

Perhaps no subject in the complex world of global oil involves so many intricate moving parts as the extraordinary relationship between the Federal Government of Iraq (FGI), based in Baghdad, and the government of Iraq's northern semi-autonomous region of Kurdistan (KRG), centred in Erbil. It is only when something such as the suspension of major flows of oil from Kurdistan to Turkey occurs, as began on 25 March 2023, that many analysts start trying to unravel what has caused it. And they find themselves entering an Alice In Wonderland world in which anything is possible, but nothing is as it seems. In this world, it is very easy to lose sight of the wood for the trees sometimes, and this appears to be what has happened in a letter sent by foreign oil firms in Kurdistan to the U.S. Congress asking for help in having the export oil embargo lifted.

Ironically, in fact, it is only towards the very end of the letter from the Association of the Petroleum Industry of Kurdistan (APIKUR) that the group, which largely comprises the oil interests of several foreign firms directly or indirectly, inadvertently hits on the precise reasons why a full, clear, and transparent lifting of the embargo is unlikely to happen soon, if ever. The letter highlights that the halt in exports that affects between 400,000-500,000 barrels per day (bpd) of oil from Iraqi Kurdistan must be lifted because it puts at risk over US$10 billion of U.S. and international investments in Kurdistan and because it is severely impacting the region's economy and stability at a time when regional tensions are already heightened. Bingo!

By keeping the West out of energy deals in Iraq - and closer to the new Iran-Saudi axis - the end of Western hegemony in the Middle East will become the decisive chapter in the West's final demise," said a very high-ranking Kremlin official at a meeting with senior government figures from Iran, just after the 10 March 2023 signing of the Iran-Saudi Arabia relationship resumption deal, brokered by China. The comment was exclusively relayed to OilPrice.com, just before the 25 March oil export embargo from Iraqi Kurdistan by a senior source who works closely with the European Union's energy security apparatus, and we passed it on to our esteemed readers. Nothing whatsoever has changed to modify the view of either the Iraqi central government in Baghdad, or the senior figures in Tehran, Moscow, and Beijing who are helping to implement the 'One Iraq Plan' as it is referred to behind closed doors. If anything, the rising uncertainty in the Middle East emanating from fears of a dramatic escalation in the Israel-Hamas War are serving to expedite key elements of the plan, with the U.S.'s focus on that War.

In essence, the bare mechanics of the 'One Iraq Plan', as broadly delineated by the senior Kremlin figure, are to cut off all sources of external revenue from the government of Iraqi Kurdistan - most significantly from independent oil sales by foreign companies operating there - before absorbing it into the rest of the country, under the sole rule of Baghdad, as analysed in depth in my new book on the new global oil market order. If that is understood, then everything that has subsequently happened in Iraq since the 10 March relationship resumption deal between Iran and Saudi Arabia makes perfect sense. The basic reason for this is that Iraqi Kurdistan has long been regarded by Russia, China, and Iran, as a key U.S. ally in the Middle East, and this will no longer be tolerated, which gives rise to two further choices.

The first is to give Iraqi Kurdistan its independence and sever all links between it and the rest of Iraq. This, though, is not an option on the table for three key reasons. One is that the main northern overland export route into Europe for all of Iraq runs through the Kurdistan region and into Turkey. The original Iraq-Turkey Pipeline (ITP) - controlled by the FGI in Baghdad - consisted of two pipes (a 40-inch one started up in 1977, and a 46-inch one started up in 1987), from the Kirkuk oil fields (also nominally owned by the FGI) on the border of the Iraqi Kurdistan to Ceyhan, which had a combined nameplate capacity of 1.6 million bpd. The FGI-controlled pipeline's export capacity reached between 250,000 and 400,000 bpd when running normally, although it was subject to regular sabotage by various militant groups. The Iraqi Kurdistan's KRG, in response to the regular attacks on the FGI pipeline, completed its own single-side track Taq field-Khurmala-Kirkuk/Ceyhan pipeline in the border town of Fishkhabur. This was part of its drive to raise oil exports above 1 million bpd. Clearly, Baghdad will never give these vital oil export links away.

By keeping the West out of energy deals in Iraq - and closer to the new Iran-Saudi axis - the end of Western hegemony in the Middle East will become the decisive chapter in the West's final demise," said a very high-ranking Kremlin official at a meeting with senior government figures from Iran, just after the 10 March 2023 signing of the Iran-Saudi Arabia relationship resumption deal, brokered by China. The comment was exclusively relayed to OilPrice.com, just before the 25 March oil export embargo from Iraqi Kurdistan by a senior source who works closely with the European Union's energy security apparatus, and we passed it on to our esteemed readers. Nothing whatsoever has changed to modify the view of either the Iraqi central government in Baghdad, or the senior figures in Tehran, Moscow, and Beijing who are helping to implement the 'One Iraq Plan' as it is referred to behind closed doors. If anything, the rising uncertainty in the Middle East emanating from fears of a dramatic escalation in the Israel-Hamas War are serving to expedite key elements of the plan, with the U.S.'s focus on that War.

In essence, the bare mechanics of the 'One Iraq Plan', as broadly delineated by the senior Kremlin figure, are to cut off all sources of external revenue from the government of Iraqi Kurdistan - most significantly from independent oil sales by foreign companies operating there - before absorbing it into the rest of the country, under the sole rule of Baghdad, as analysed in depth in my new book on the new global oil market order. If that is understood, then everything that has subsequently happened in Iraq since the 10 March relationship resumption deal between Iran and Saudi Arabia makes perfect sense. The basic reason for this is that Iraqi Kurdistan has long been regarded by Russia, China, and Iran, as a key U.S. ally in the Middle East, and this will no longer be tolerated, which gives rise to two further choices.

The first is to give Iraqi Kurdistan its independence and sever all links between it and the rest of Iraq. This, though, is not an option on the table for three key reasons. One is that the main northern overland export route into Europe for all of Iraq runs through the Kurdistan region and into Turkey. The original Iraq-Turkey Pipeline (ITP) - controlled by the FGI in Baghdad - consisted of two pipes (a 40-inch one started up in 1977, and a 46-inch one started up in 1987), from the Kirkuk oil fields (also nominally owned by the FGI) on the border of the Iraqi Kurdistan to Ceyhan, which had a combined nameplate capacity of 1.6 million bpd. The FGI-controlled pipeline's export capacity reached between 250,000 and 400,000 bpd when running normally, although it was subject to regular sabotage by various militant groups. The Iraqi Kurdistan's KRG, in response to the regular attacks on the FGI pipeline, completed its own single-side track Taq field-Khurmala-Kirkuk/Ceyhan pipeline in the border town of Fishkhabur. This was part of its drive to raise oil exports above 1 million bpd. Clearly, Baghdad will never give these vital oil export links away.

blessing of Iran, Russia, and China. That has not been given, so there is no reason to expect it to end in any sustainable fashion any time soon. Conversely, however, the move to destroy any last vestiges of Iraqi Kurdistan independence remain in full swing. A clear statement on 3 August last year from Iraq Prime Minister, Mohammed Al-Sudani, highlighted that the new intended unified oil law - run, in every way that matters, out of Baghdad - will govern all oil and gas production and investments in both Iraq and its autonomous Kurdistan region and will constitute "a strong factor for Iraq's unity". As the senior E.U. source reiterated exclusively to OilPrice.com last week: "Baghdad has no interest at all in agreeing to any of Turkey's terms or in Iraqi Kurdistan resuming its independent oil sales either." He concluded: "As Baghdad does not see an independent Kurdistan in the future of Iraq, it sees the best solution as keeping the independent oil sales stopped and the Kurds financially paralysed.

https://oilprice.com/Energy/Crude-Oil/Kurdistan-Oil-Flows-Not-Expected-to-Resume-Anytime-Soon.html#amp_tf=From%20%251%24s&aoh=17072686612191&referrer=https%3A%2F%2Fwww.google.com&share=https%3A%2F%2Foilprice.com%2FEnergy%2FCrude-Oil%2FKurdistan-Oil-Flows-Not-Expected-to-Resume-Anytime-Soon.html

https://www.newswire.ca/news-releases/shamaran-acquires-taqa-interest-in-atrush-and-partners-with-hkn-833907275.html

News Press Releases
ShaMaran Acquires TAQA Interest in Atrush and Partners with HKN
V.SNM | 4 days ago
VANCOUVER, BC, January 22, 2024 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) has entered into definitive agreements for a two-step transaction to increase its indirect working interest in the Atrush Block in Kurdistan from 27.6% to 50%, with HKN EnergyIV, Ltd. ("HKNIV"), an affiliate of HKN Energy Ltd. ("HKN"), indirectly acquiring a 25% working interest and operatorship, subject to required approvals. View PDF

Garrett Soden, President and CEO of ShaMaran, commented: "This transaction continues ShaMaran's consolidation strategy in Kurdistan. We are acquiring TAQA's 47.4% interest in Atrush and selling a 25% interest and operatorship to HKNIV. ShaMaran and HKN are already co-venturers in the adjoining Sarsang block operated by HKN. We look forward to working together at Atrush to realize significant synergies on both blocks."

In the first step of the transaction, ShaMaran's wholly-owned Cayman subsidiary, General Exploration Partners, Inc. ("GEP"), entered into an agreement with TAQA International B.V. ("TIBV"), a subsidiary of Abu Dhabi National Energy Company PJSC ("TAQA"), to acquire TAQA Atrush B.V. ("TABV") ("Step 1"). TABV is a Dutch holding company with a 47.4% working interest and operatorship in the Atrush Production Sharing Contract in Kurdistan ("Atrush PSC"). Step 1 is subject to customary closing conditions for a share sale and purchase agreement in the Netherlands and customary stock exchange approvals in Canada.

At closing of Step 1, HKNIV will begin operating Atrush on a fee basis in contemplation of the second step of the transaction. The appointment of HKNIV as operator is subject to review by the Ministry of Natural Resources in Kurdistan.

In the second step of the transaction, TABV will transfer a 25% working interest in the Atrush PSC to GEP2, a new Cayman wholly-owned subsidiary of GEP. In parallel, GEP has entered into an agreement to sell GEP2 to HKNIV for nominal consideration such that HKN IV will hold a 25% working interest and operatorship in the Atrush PSC ("Step 2"). The sale of GEP2 to HKNIV will be subject to approval by the Kurdistan Regional Government ("KRG").

After closing the above transaction steps, the Atrush Block will have the following parties: GEP 50%, HKNIV (through GEP2) 25% and KRG 25%.

About ShaMaran Petroleum Corp.

ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block, and, subject to closing the above transaction, will increase its indirect 27.6% working interest in the Atrush Block to 50%. The Company is listed in Toronto on TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.

Important Information

ShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on January22, 2024, at 5:00a.m. Central European Time.

The Company's certified advisor on Nasdaq First North Growth Market is Arctic Securities AS (Swedish branch), +46844686100, certifiedadviser@arctic.com.

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. There is no certainty that all conditions to completion in respect of Step 1 will be satisfied or that approval of the KRG for the sale of GEP2 to HKN IV will be obtained.

The use of any of the words "will", "expected", "planned" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of certain future events. These forward-looking statements involve risks and uncertainties relating to, among other things, changes in oil prices, results of exploration and development activities, including results, timing and costs of seismic, drilling and development related activity in the Company's area of operations and, uninsured risks, regulatory changes, defects in title, availability of funds required to participate in the development activities, or of financing on reasonable terms, availability of materials and equipment on satisfactory terms, outcome of commercial negotiations with government and other regulatory authorities, timeliness of government or other regulatory approvals, actual performance of facilities, availability of third-party service providers, equipment and processes relative to specifications and expectations and unanticipated environmental impacts on operations. Actual future results may differ materially. Various assumptions or factors are typically applied in drawing conclusions or making the forecasts or projections set out in forward-looking information. Those assumptions and factors are based on information currently available to the Company. The forward-looking information contained in this release is made as of the date hereof, and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Time to start buying this one. When the major Shareholder keeps buying more, it's "Pay attention!" time.

SHASF!

$SHASF: Todays volume is rather impressive


Something in the works.


Most volume in 3yrs


500k



We shall see


Now at $0.05

GO $SHASF

http://seekingalpha.com/pr/16495814-shamaran-q1-2016-financial-operating-results

But I guess why the stock went down more. Don't want to wait to 4th quarter for Oil.

This dog just doesn't hunt, time to shoot it?

Paid today, didn't it. nice up tic.

I hope it continues.

Can you see past news on kinematik and futurcash comments? Company has oil reserves, and pipeline to export to turkey .... And last July IRAQ govt control of that export was denied. Shamaran had said in past it would voluntarily give Iraq govt a hefty % of profits, " because it should go to the Iraqi people, since they are Iraqi resources. The pipeline was completed within the last year or so. Check out the 2013 2014 investor relations reports. Unrest in area AND Iraqi govt interference WERE main detractors. Ruling on control of pipeline a big plus... Now, in my opinion, it's the "standard" unrest of the region and OPEC manipulation of oil prices in play. I'm no expert, just an average investor, who believes energy investments pay off.

Can you tell me what you see that is good about it?

or Is it just a gut feeling?

Yes. I'm holding this. May buy more if world oil prices stabilize.

Still holding on?

Auto correct error. Was quick buck... Not bible.

The oil is there. See kinematrik and future cash comments. If you want a quick bible, probably not. But if you want a finger in a confirmed oil in the pipes stock yes.

Anybody got a good reason to hold onto this?

I am thinking about writing it off as a bad idea.

Timber.....or worse.... bottom dropping out.

What a shame, of well least a write off at the end of the year I guess.

That plus price from .33 to .23 and still dropping daily.

I don't know much about the region, but guessing they are shut down or blow up to have such drastic PPS

Why do you say that...? Current wave of turmoil in the region?

Looks like this is doomed!

http://www.bbc.com/news/world-middle-east-28265064

futr

Some Interesting Kurdistan History-

http://news.nationalgeographic.com/news/2014/06/140628-iraq-kurds-independence-kurdistan-sunni-baghdad/

futr

Sounds like this May start to move on that news... Last year KH said it was worth a buck right then. Wonder what it will be worth by years end?

There was a Major legal decision announced in Iraq---

Regarding Kurdistan's right to sell its oil exported to Turkey...

Anyway the Iraqui Oil Ministry lost its case claiming control over that Oil.

Consequentially All Kurdistan Oil companies had significant moves to the upside-

futr

Wow.. Should read. ... Does someone know something .. Auto correct strikes again.

Pretty good volume.. Foes condone know something???

Good news. Thanks kinematic. Happy Resurrection Day!

http://www.aa.com.tr/en/news/315739--official-northern-iraq-oil-to-flow-through-turkey


Regarding at4 i would say it means that they will suspend it until production facilities are in place and connected to the well.

http://www.iraqoilreport.com/politics/oil-policy/analysis-iraq-turkey-treaty-restricts-kurdistan-exports-12047/

AT-4 has been suspended as a Phase 1 producer. ... I'm thinking it means the appraisal testing is suspended and it is classified as a phase 1 oil producer well.

... What does at-4 has been suspended as a phase 1 producer ? A max 9000 bops looked great.

SHAMARAN ANNOUNCES ATRUSH-4 WELL TESTS RESULTS

April 16, 2014 (TSXV-SNM, OMX First North-SNM)… ShaMaran Petroleum Corp. ("ShaMaran" or the "Corporation") is pleased to report the results of the Atrush-4 appraisal/development well (“AT-4”) drilled in the Kurdistan Region of Iraq.

The AT-4 well was spudded on October 20, 2013 using the DQE31 drilling rig and reached Total Depth of 2916m MD on January 23, 2014. The well was deviated well from the AT-1 well pad with the bottomhole location approximately 2.2 km SE of the surface location.

Three separate cased hole drill stem tests were conducted in the Jurassic reservoir with maximum rates totalling 9059 bopd of 27-28 API from two of the tests. None of the tests produced formation water. Downhole samples for PVT analysis and surface samples for oil assay studies were taken. Well testing operations were completed on April 7, 2014. AT-4 has been suspended as a Phase 1 producer. The drilling rig is now moving to drill the Chiya Khere-5 development well (“CK-5”; 2014 revised well nomenclature) which is expected to spud in May 2014.

The Atrush Block is operated by TAQA Atrush B.V., a subsidiary of Abu Dhabi National Energy Company PJSC which holds a 39.9% working interest in the Block. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 15% working interest in the block. Subsequent to their back-in the Government of the Kurdistan Region of Iraq holds a 25% working interest.


About ShaMaran
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle. ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange under the symbol "SNM" as well as NASDAQ OMX First North under the symbol "SNM".

On behalf of the Board,
Pradeep Kabra, President and CEO

futr

Can't be long now.

Seven days, tops.

Exiting times, results should be a big surprise I think.

Easter Egg

glta

SHAMARAN ATRUSH UNDERPRICED, POSSIBLE ACQUISITION TARGETS-PARETO (Direct) 2014-03-28 10: 19 STOCKHOLM (Direct) Oil exploration company Shamarans only asset, the Kurdish Atrushfield in which the company owns a fifth, is undervalued by the market.

The mean Pareto Securities in today's buying analysis with price target 3: 70 SEK.

The Investment Bank said that field as it looks today, and in the light of what is expected to be in production by early next year, should be valued at 3: 20 kronor per share.

The analysis also points out that Shamaran course developmentally has gone worse than their analogue counterparts in the region such as the Norwegian DNO and the British-Turkish Genel Energy in the past year.

However, all signs suggest that the development of Atrush field follows the established plan involve a revaluation of Shamaran, according to Pareto.


In addition, Lundin-sphere's company a possible acquisition targets for larger oil companies who want to enter the coveted Kurdish region.


Regarding the political situation in the area, choose the Bank to have a light approach, where an agreement between the two antagonists-the Kurdish regional government, KRG and central Government in Baghdad – can be reached within the next few months, i.e. before the expected start of production of Atrush field.

At 10.15 pm on Friday traded Shamaran share to 2: 64 kronor, an increase of nearly 3 percent for the day. Henrik Svensson + 46 8 5191 7924 The News Agency Directly

https://www.avanza.se/placera/telegram/2014/03/28/shamaran-atrush-undervarderat-mojligt-forvarvsobjekt-pareto.html

New target price 0,63 CAD Buy


SHAMARAN PARETO RESUMES COVERAGE with the PURCHASE, PRICE TARGET 3: 70 KR (direct) 2014-03-28 09: 07 STOCKHOLM

Pareto Securities resumes coverage of Shamaran with buy recommendation.

The target price is written to 3:70 SEK.
It is clear from the current analysis.

Henrik Svensson + 46 8 5191 7924 The News Agency Directly

https://www.avanza.se/placera/telegram/2014/03/28/shamaranpareto-aterupptar-bevakning-med-kop-riktkurs-370-kr.html

Your welcome

I've heard of a second rig soon beeing brought in, they will retest at3, probably with esp this time considering the drop in recovery factor.

At3 raised P90 and P50 with 30%..


Now bring on the at4 surprise ;)


Long SNM

Thanks for posting the new Company Presnetation.

The best parts, IMO: Production infrastructure will be built this year and production in Q1 of 2015...that's just one year out!
Continuing to drill #5 and #6, too.

dat

Thanks , yummie indeed

New presentation out

Yummie :)


http://www.shamaranpetroleum.com/i/pdf/2014-03_SNMCP.pdf

We should also get the full prospective report soon, they have probably collected data from at4 to use in that one


Also on page 11 they say that the main fault between hangingwall and footwall is sealing,thats news to me! Pradeep told me last may that they thought it was non sealing


Complicated report.. Hope the markets gets it