Mr. Elvis Pellumbi reports

SHAMARAN CORPORATE UPDATE

Shamaran Petroleum Corp.'s annual general and special meeting of shareholders will be held in Canada on Tuesday, June 25, 2024, at 8 a.m. Pacific Time, at 1055 Dunsmuir St., Suite 2800, Vancouver, B.C., V7X 1L2, for the following purposes:

1. To receive the consolidated audited financial statements and accompanying management's discussion and analysis of the company for the year ended Dec. 31, 2023, together with the report of the auditor;
2. To approve the appointment of PricewaterhouseCoopers LLP as auditor of the company to hold office until the next annual general meeting, at a remuneration to be fixed by the directors of the company;
3. To set the number of directors at five;
4. To elect directors to hold office for the ensuing year;
5. To approve the company's incentive stock option plan as described in the company's management information circular;
6. To transact such other business as may properly come before the meeting or any adjournment(s) or postponement(s) of the meeting.

The record date for the meeting is the close of business on May 8, 2024. The notice of meeting, management information circular and related meeting materials will be available under the company's profile on SEDAR+ and on the company's website on or about May 17, 2024.

Holders of Euroclear Sweden registered shares

The information set forth herein is of significance to shareholders who hold their securities through Euroclear Sweden AB, which securities trade on Nasdaq First North Growth Market Stockholm. Shareholders who hold Euroclear registered securities are not registered holders of voting securities for the purposes of voting at the meeting. Instead, Euroclear registered securities are registered under CDS & Co., the registration name of the Canadian Depositary for Securities. Holders of Euroclear registered securities will receive a voting instruction form by mail directly from Computershare AB. Additional copies of the VIF, together with the company's management information circular, can also be obtained from Computershare Sweden and will be available on the company's website as noted above. The VIF cannot be used to vote securities directly at the meeting. Instead, the VIF must be completed and returned to Computershare Sweden strictly in accordance with the instructions and deadlines described in the instructions provided with the VIF.

Appointment of new certified adviser

FNCA Sweden AB has been appointed as the company's new certified adviser for Nasdaq First North Growth Market Stockholm.

About Shamaran Petroleum Corp.

Shamaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The company indirectly holds an 18-per-cent working interest (22.5-per-cent paying interest) in the Sarsang block and, subject to closing the previously announced transaction, will increase its indirect 27.6-per-cent working interest in the Atrush block to 50 per cent. The company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker SNM). Shamaran is part of the Lundin group of companies.