Shamaran Petroleum Ltd. · OSL:SNM
Shamaran Petroleum — Q2 2024 Earnings Presentation
10 slides from Shamaran Petroleum's earnings presentation, August 2024
Slide 1: Value Creation through M&A in the Kurdistan Region of Iraq
Value Creation through M&A in the Kurdistan Region of Iraq August 2024 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 Interests in two Upside in Triassic and and gas company producing assets Jurassic reservoirs in Kurdistan Atrush oil field since 2010 Committed to growth Sarsang oil fields through further since 2022 acquisitions Corporate Snapshot1 Share Ownership S
Slide 3: Oil Production in Kurdistan
Oil Production in Kurdistan Reserves and Production (SNM working interest)1 Contract Terms 1P 2P Q3.2023 Q4.2023 Q1.2024 Q2.2024 MMstb MMstb bopd bopd bopd bopd PSCs signed 20-year with KRG in development period Cost oil recovery4 Profit oil4 of Atrush 29 50 0 2,486 5,520 6,928 2007, first post-prod
Slide 4: Local Sales Market Overview
Local Sales Market Overview » Kurdistan pipeline flow reversed for sales to local refineries » ShaMaran sells crude to Lanaz via trucking and to KAR via pipeline • Other refiners and topping plants provide additional market demand • Atrush production and sales expected to increase with TAQA/HKN tran
Slide 5: Atrush Transaction – Completed
Atrush Transaction – Completed Transaction ShaMaran Atrush Stake “New” Step 1: Step 2: ShaMaran Acquire TAQA Atrush BV Partial Sale to HKN Historic Current Atrush 50% Working Interest 47.4% 25% Working Interest 27.6% 50% Sarsang 18% KRG release of TAQA Net Production (bopd, Approvals KRG approval 9.
Slide 6: Impact of Atrush Transaction
Impact of Atrush Transaction Net 2P Reserves and Production (MMBOE) Increase in net 2P 75% reserves in Atrush Net 2P Reserves Net Production 22.4% Atrush WI Acquisition 81% Growth in net production from Atrush 1 18% Sarsang WI Acquisition Increase in annual net 12x production since Atrush startup 1
Slide 7: Recent Events
Recent Events Iraq Federal Turkey closes HKN starts local » APIKUR states that Supreme Court Iraq-Turkey sales from Turkey notifies efforts to reopen rules 2007 KRI Pipeline (ITP) Sarsang to Lanaz Iraq that pipeline Tripartite Tripartite ITP need to Oil & Gas law due to ICC refinery via is ready to
Slide 8: Summary
Summary » Low-cost, cash-generative PSC terms Attractive Assets » Regional consolidation through M&A and potential for organic growth » Reduced expenditures in response to pipeline closure Liquidity Focus » Focused on maximizing local sales and cash generation » Working with APIKUR members to achiev
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 WEBSITE: www.shamaranpetroleum.com Slide 9
Slide 10: Cautionary Statements
Cautionary Statements Cautionary Statement Regarding Assumptions Forward-Looking Information Management is regularly considering and evaluating assumptions that will impact on future performance. Certain statements in this presentation are “forward- Examples of such assumptions include, but are not