Mr. Elvis Pellumbi reports

SHAMARAN REPORTS PARTIAL BOND REPAYMENT

Shamaran Petroleum Corp. will repay a portion of the 12 per cent senior unsecured bond (ISIN: 0011057622) on Jan. 30, 2025. The company expects to repay approximately $26.8-million (13 per cent of the current total outstanding amount) at par pro rata to all bondholders utilizing the cash sweep mechanism under the amended and restated bond terms dated June 27, 2024. The total outstanding amount of the bond following the partial repayment will be approximately $173.1-million.

Except as otherwise indicated, all currency amounts indicated in this news release are expressed in U.S. dollars.

At Jan. 24, 2025, the company had cash of approximately $58.4-million. Pro forma for the partial bond repayment described above, net debt would be approximately $130.3-million (including the $173.1-million bond and $15.6-million related party loan).

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 in the Atrush block and an 18-per-cent working 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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