Mr. Elvis Pellumbi reports

SHAMARAN CORPORATE UPDATE

Shamaran Petroleum Corp. granted a total of 15.14 million stock options and 21.34 million restricted share units (RSUs) today to certain officers, employees and other eligible persons of the company pursuant to the company's stock option plan and share unit plan. In addition, a total of 1,921,480 deferred share units (DSUs) were granted today to the non-executive directors of the company pursuant to the company's deferred share unit plan.

The stock options have a five-year term, vest in three equal annual instalments starting from the grant date and were issued with an exercise price of 12 cents per share, based on the closing share price on Dec. 30, 2024. The RSUs vest equally over the next three years.

Following these grants, there are 72,523,330 stock options, 65,349,997 RSUs and 22,270,235 DSUs outstanding under the company's long-term incentive plans.

Shamaran plans to publish its financial statements for the year ending Dec. 31, 2024, on March 12, 2025.

About Shamaran Petroleum Corp.

Shamaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The company indirectly holds a 50-per-cent working interest (66.67-per-cent paying interest) in the Atrush block and an 18-per-cent working interest (22.5-per-cent paying interest) in the Sarsang 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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