Mr. Garrett Soden reports

SHAMARAN CLOSES ATRUSH TRANSACTION WITH TAQA AND HKN

Shamaran Petroleum Corp. has closed the acquisition of Taqa Atrush BV and the subsequent sale of an indirect interest in Atrush to HKN Energy IV Ltd. announced on Jan. 22, 2024. The two-step transaction increased the company's indirect 27.6-per-cent stake in the Atrush block to a 50-per-cent working interest (66.67-per-cent paying interest) following the sale of an indirect 25-per-cent working interest (33.33-per-cent paying interest) to HKN Energy IV. An affiliate of HKN Energy is now operator of the Atrush block, and the Kurdistan regional government's 25-per-cent working interest in the Atrush block has been converted to a carried interest.

Garrett Soden, president and chief executive officer of Shamaran, commented: "The closing of the Atrush transaction with Taqa and HKN advances our consolidation strategy in Kurdistan. We expect to increase production at Atrush and achieve significant synergies between the adjoining Atrush and Sarsang blocks with HKN as operator of both blocks. We thank Taqa, the Kurdistan regional government and HKN for their tireless efforts to close this win-win transaction for all parties."

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 a 50-per-cent working interest (66.67-per-cent paying interest) in the Atrush block. The company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market. Shamaran is part of the Lundin group of companies.

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