Shamaran Petroleum Ltd. · OSL:SNM
Shamaran Petroleum — Investor Presentation (January 2026)
15 slides from Shamaran Petroleum's investor presentation, January 2026
Slide 1: Creating Value in the Kurdistan Region of Iraq
Creating Value in the Kurdistan Region of Iraq January 2026 A LUNDIN GROUP COMPANY STOCK: TSX-V: SNM; NASDAQ FIRST NORTH: SNM Photo from Atrush Block of EDC rig drilling CK-7 well on Pad E WEBSITE: www.shamaranpetroleum.com
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 21.2 Net Production (kbopd) 1 7
Slide 3: Two Producing Assets in Kurdistan
Two Producing Assets in Kurdistan Asset Overview Atrush Block ShaMaran » ~35k bopd gross KRG 50% from 11 wells1 25% carried » 25-26º API oil Atrush » Two processing Block facilities HKN » Export via pipeline (Operator) and trucking 25% Sarsang Block ShaMaran » ~29k bopd gross 18% KRG from 11 wells1
Slide 4: Pipeline Reopening
Pipeline Reopening » Kurdistan pipeline flows restarted on September 27, 2025 » All sales now via Iraq-Turkey Pipeline 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 arrear
Slide 5: Higher Revenues from Pipeline Exports
Higher Revenues from Pipeline Exports Illustrative Net Entitlement Revenues USD/bbl Pipeline Reopening Deal 1 $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 Sale
Slide 6: Cash Generation Driving Value
Cash Generation Driving Value Working Interest Production Gross Debt Reduction $ 340 30.0 315.6 310 25.0 270.6 23.0 22.8 280 21.6 21.2 USD MM 20.0 250 K bopd 18.0 17.0 215.5 220 15.0 12.3 12.3 188.7 190 10.0 9.0 160 154.4 143.8 143.8 5.0 130 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3
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 72 65 68 7 . 5 % Atrush WI Acquisition 30 30 30 30 24 21 21 21 17 17 16 12 10 1 2 5 YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2
Slide 8: Proposed Move to Oslo and Bermuda
Proposed Move to Oslo and Bermuda Current Structure and Listing Proposed Future Structure and Listing 2 TSX-V 1 Nasdaq First North Euronext Growth Oslo 3 Nasdaq First North (Canada) (Sweden) (Norway) (Sweden) ~5-7% of free float ~93-95% of free float ShaMaran Petroleum Corp. ShaMaran Petroleum Ltd.
Slide 9: 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
Slide 10: 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 WEBSITE: www.shamaranpetroleum.com Photo from Atrush Block of EDC rig drilling CK-7 well on Pad E Slide 10
Slide 11: 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 Slide 11 * $CDN. Market cap as of Oct. 15, 2025.
Slide 12: 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 1 MMboe MMboe Bn boe MMboe MMboe MMboe MMboe 596 187 379 181 2.7 153 +17% 259 +17% +19% 160 2.3 +104% 218 +132% +70% +197% 90 186 257 61 PDO EUR YE PDO EUR YE PDO EUR YE S
Slide 13: 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
Slide 14: 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
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
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