Shamaran Petroleum Ltd. · OSL:SNM

Shamaran Petroleum — Investor Presentation (September 2026)

15 slides from Shamaran Petroleum's investor presentation, September 2026

  1. Slide 1: Creating Value in the Kurdistan Region of Iraq

    Creating Value in the Kurdistan Region of Iraq September 2026 A LUNDIN GROUP COMPANY STOCK: EGO: SNM; NASDAQ FIRST NORTH: SNM www.shamaranpetroleum.com Photo from Atrush Block of EDC rig drilling CK-7 well on Pad E WEBSITE: www.shamaranpetroleum.com

  2. Slide 2: Corporate Profile

    Corporate Profile Asset Location » Independent oil and gas company » Non-operator with two producing assets in Kurdistan » Potential for organic growth in both assets Kurdistan » Track record of value creation through M&A Region Production and Reserves Share Ownership 20.9 Net Production (kbopd) 1 6

  3. Slide 3: Two Producing Assets in Kurdistan

    Two Producing Assets in Kurdistan Asset Overview Atrush Block ShaMaran » ~42k bopd gross KRG 50% from 13 wells1 25% carried » 25-26º API oil Atrush » Two processing Block facilities2 HKN » Export via pipeline (Operator) and trucking 25% Sarsang Block ShaMaran » ~22k bopd gross 18% KRG from 11 wells1

  4. Slide 4: Pipeline Reopening

    Pipeline Reopening » Kurdistan pipeline exports resumed on September 27, 2025 » All sales now via Iraq-Turkey Pipeline (ITP) to Ceyhan » Compensation “in-kind” at Ceyhan • barrels sold by major commodity trader on behalf of international oil companies (IOCs) Working Interest Production • payment in

  5. Slide 5: Higher Revenues from Pipeline Exports

    Higher Revenues from Pipeline Exports Illustrative Net Entitlement Revenues USD/bbl Pipeline Reopening Deal1 $60 50 Receivable $57 $25 “Top-Up” to 40 PSC terms 30 $32 2x 20 Equivalent $32 10 $16/bbl Interim Payment 0 Local Sales Previous @$32/bbl Local Sales Current "Interim" Pipeline Pipeline Sales

  6. Slide 6: Cash Generation Driving Value

    Cash Generation Driving Value Working Interest Production Increase Gross Debt Reduction Free Cash Flow (K bopd) (USD m) H2 ‘26 – YE ‘291 30 $ 350 +178% 315.6 - 54% Debt Service Equity Cash Flow 25.0 and 300 Repayment 25 250 20 200 15 143.8 150 10 9.0 100 5 50 0 0 Q4 '23 Est. Restart '26 YE '22 Q3 '2

  7. Slide 7: Growth through M&A

    Growth through M&A 2 2 . 4 % Atrush Reserves and Cumulative Production (MMboe) 1 WI Acquisition Reserves 1 8 % Sarsang Cumulative Production WI acquisition 65 67 72 68 7 . 5 % Atrush 65 WI Acquisition 68 30 30 30 30 30 30 38 30 21 21 24 21 21 17 17 16 16 12 10 10 1 2 5 5 YE 2014 YE 2015 YE 2016 YE 2

  8. Slide 8: Summary

    Summary » Low-cost, cash-generative PSC terms Attractive Assets » Potential for organic growth in both assets » Lean operations with synergies between Liquidity Focus assets View towards Sarsang Block from Atrush Block » Maximizing production and cash generation » Return to full PSC terms expected t

  9. Slide 9: Investor Relations

    Investor Relations Elvis Pellumbi, CFO Email: info@shamaranpetroleum.com Tel: +41 (0) 22 560 86 00 STOCK: TSX-V: SNM; NASDAQ FIRST NORTH: SNM www.shamaranpetroleum.com WEBSITE: www.shamaranpetroleum.com Photo from Atrush Block of EDC rig drilling CK-7 well on Pad E Slide 9

  10. Slide 10: Creating meaningful value

    We comprise a global portfolio of companies in the minerals, metals, renewables and energy sectors. Our commodity exposure is diverse, but all Lundin Group companies share a singular purpose: •Creating meaningful value * $CDN. Market cap as of June 30, 2026. *LunR Royalties holds a 1.00% NSR royalty

  11. Slide 11: Big Fields Get Bigger – Lundin Group Track Record

    Big Fields Get Bigger – Lundin Group Track Record Alvheim Edvard Grieg Johan Sverdrup Onion Lake Thermal Blackrod Atrush Sarsang 7 Mmboe 1 MMboe Bn boe 2 MMboe MMboe MMboe MMboe 596 187 379 187 2.7 150 310 17% +17% 160 2.3 +42% +132% +104% +67% 218 +207% 90 186 257 61 PDO 3 EUR 5 YE 6 PDO EUR YE PDO

  12. Slide 12: Non-Executive Directors

    Non-Executive Directors Chris Bruijnzeels Keith Hill Chairman and Director Director » Over 35 years of experience in the oil and gas industry » Over 35 years of experience in the oil and gas industry, including more than 25 years with the Lundin Group » Chairman of ShaMaran since 2019 and former Pre

  13. Slide 13: Senior Management

    Senior Management Garrett Soden Elvis Pellumbi President and Chief Executive Officer Chief Financial Officer and Corporate Secretary » Nearly two decades with the Lundin Group » Over 25 years of investing and capital market experience, with an exclusive focus on global energy markets for the last 15

  14. Slide 14: Completed Move to Oslo and Bermuda

    Completed Move to Oslo and Bermuda Previous Structure and Listing Current Structure and Listing TSX-V 1 Nasdaq First North Euronext Growth Oslo 2 Nasdaq First North (Canada) (Sweden) (Norway) (Sweden) ~5% of free float ~95% of free float ShaMaran Petroleum Corp. ShaMaran Petroleum Ltd. (British Colu

  15. Slide 15: Cautionary Statements

    Cautionary Statements Cautionary Statement Regarding Assumptions Forward-Looking Information Management is regularly considering and evaluating assumptions that will impact on future performance. Examples Certain statements in this presentation are “forward- of such assumptions include, but are not

ShaMaran Petroleum — Investor Presentation (September 2026) on 6ix