Mr. Elvis Pellumbi reports

SHAMARAN ANNOUNCES BONDHOLDER APPROVAL

A large majority of Shamaran Petroleum Corp.'s bondholders in the 12 per cent senior unsecured bond due July, 2027, have voted in favour of the previously announced proposal to amend the bond as referenced in the company's news release of March 27, 2025.

The approved amendments to the bond include converting the mandatory quarterly cash sweep to voluntary and extending the maturity by two years to July, 2029.

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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