Shamaran Petroleum Ltd. · OSL:SNM
Shamaran Petroleum — Investor Presentation (November 2025)
14 slides from Shamaran Petroleum's investor presentation, Nov 18, 2025
Slide 1: Creating Value in the Kurdistan Region of Iraq
Creating Value in the Kurdistan Region of Iraq November 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 Production and Reserves Share Ownership 21.2 Net Production (kbopd) 1 71.5 2P Reserves (MMboe) 2 Retail & Institutional Corporat
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 were reversed for sales to local refineries until September 27, 2025 » All sales are now via Iraq-Turkey Pipeline to Ceyhan » Compensation “in-kind” at Ceyhan • barrels sold by oil trader on behalf of international oil companies (IOCs) Working Interest P
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 Initial Payment 0 Local Sales Sales Local @$32/bbl “Interim” "Interim" Pipeline Pipeline Sales @$16/
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 Reserves and Production (MMBOE) 22.4% Atrush WI Acquisition Net 2P Reserves Net Production 18% Sarsang WI Acquisition 7.5% Atrush WI Acquisition YE 2015 YE 2016 YE 2017 YE 2018 YE 2019 YE 2020 YE 2021 YE 2022 YE 2023 YE 2024 Slide 7
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 » Reopening of export pipeline expect
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 Photo from Atrush Block of EDC rig drilling CK-7 well on Pad E Slide 9
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 Slide 10 * $CDN. Market cap as of Oct. 15, 2025.
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 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 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
Slide 13: Local Oil Sales 2023-2025
Local Oil Sales 2023-2025 » Kurdistan pipeline flow was reversed for sales to local refineries after ITP closed in March 2023 » IOCs received prompt payments for local oil sales but at significant discount to Brent Slide 13
Slide 14: 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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