Shamaran Petroleum Ltd. · OSL:SNM
Shamaran Petroleum — Investor Presentation (May 2025)
13 slides from Shamaran Petroleum's investor presentation, May 2025
Slide 1: Creating Value in the Kurdistan Region of Iraq
Creating Value in the Kurdistan Region of Iraq May 2025 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 Footprint » Independent oil and gas company » Non-operator with two producing assets in Kurdistan » Potential for organic growth and additional M&A Corporate Snapshot1 Share Ownership SNM TSX-V / OMX Ticker Retail & 0.18 Share Price (CAD) Institutional Equity Research 73.9% C
Slide 3: Two Producing Assets in Kurdistan
Two Producing Assets in Kurdistan Asset Overview Atrush Block ShaMaran » 36k 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 » 30k bopd gross 18% KRG from 11 wells1 20
Slide 4: Local Sales Generate Cash
Local Sales Generate Cash K bopd Working Interest Production 25.0 Atrush Sarsang 23.0 21.6 20.0 5.4 17.0 6.6 15.0 5.8 12.3 12.3 10.0 9.0 5.3 6.7 17.7 15.0 6.6 11.1 5.0 6.9 5.5 2.5 0.0 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 » Kurdistan pipeline flow reversed for sales to local refineries » A
Slide 5: Cash Generation Driving Value
Cash Generation Driving Value K bopd Working Interest Production USD MM Gross Debt Reduction 25.0 315.6 320 23.0 23.0 21.6 290 21.0 270.6 - 51% 19.0 +155% 260 17.0 17.0 15.0 230 215.5 13.0 12.3 12.3 200 188.7 11.0 9.0 9.0 170 7.0 154.4 5.0 140 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 YE 2022
Slide 6: Growth through M&A
Growth through M&A Reserves and Production (MMBOE) 22.4% Atrush WI Acquisition Net 2P Reserves Net Production 18% Sarsang WI Acquisition 7.5% Atrush WI Acquisition YE 2014 YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 Atrush Transaction Slide 6
Slide 7: 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 local sales and cash generation » Deleveraging for potential capital
Slide 8: 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 8
Slide 9: 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 9
Slide 10: 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 596 187 379 153 181 2.7 +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 11: 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 12: Atrush Transaction Adds Scale
Atrush Transaction Adds Scale Atrush Stake Sarsang Stake ShaMaran Previous Acquired Current Overall Working Interest 27.6% 22.4% 50.0% 18.0% (Q1 2025) Net Production (bopd)1 9.8k 7.9k 17.7k 5.4k Working Interest 27.6 22.4 50.0 21.5 Reserves (2P)2 MMstb MMstb MMstb MMstb Production: 23.0k bopd 2P Res
Slide 13: 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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