Mr. Elvis Pellumbi reports

SHAMARAN REPORTS MARKET PURCHASE AND CANCELLATION OF BONDS

A market purchase has been made, and Shamaran Petroleum Corp. has cancelled $2.1-million of the company's 12 per cent senior unsecured bond (ISIN NO0011057622). The total outstanding amount of the bond as of the date of this press release is $200.0-million.

Shamaran plans to publish its financial statements for the nine months ended Sept. 30, 2024, on Nov. 7, 2024. Except as otherwise indicated, all currency amounts indicated as dollars in this news release are expressed in U.S. dollars.

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 (ticker SNM). Shamaran is part of the Lundin group of companies.

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