Mr. Elvis Pellumbi reports

SHAMARAN ANNOUNCES BOND SUMMONS

Shamaran Petroleum Corp. has today issued a summons for written resolution to all bondholders in the outstanding 12 per cent senior unsecured bond due July, 2027 (ISIN No. 0011057622). The summons proposes amendments to the bond, including converting the mandatory quarterly cash sweep to voluntary and extending the maturity by two years to July, 2029.

The company has met with and received strong support for the proposal from a majority of the bondholders. Approval of the proposal will provide the company with additional flexibility for capital returns to shareholders.

Elvis Pellumbi, chief financial officer of Shamaran, commented, "The proposal being launched today reflects our improved credit profile on the back of the accretive M&A [mergers and acquisitions] and significant deleveraging over the last year."

If the proposal is approved, the final mandatory cash sweep will be in April, 2025.

The summons can be found on the Nordic Trustee website.

Pareto Securities has been engaged as manager for the contemplated proposal.

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 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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