Mr. Elvis Pellumbi reports

SHAMARAN CORPORATE UPDATE

A total of 8.3 million stock options and 11.54 million restricted share units were granted on Dec. 4, 2025, to certain officers, employees and other eligible persons of Shamaran Petroleum Corp. pursuant to the company's stock option plan and 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 24.5 cents per share, based on the closing share price on Dec. 3, 2025. The RSUs vest equally over the next three years.

Following these grants, there are 27,403,328 stock options, 59,526,661 RSUs and 22,270,235 deferred share units outstanding under the company's long-term incentive plans.

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.