Mr. Garrett Soden reports

SHAMARAN ANNOUNCES PROPOSED PRIMARY LISTING IN OSLO AND CORPORATE CONTINUANCE TO BERMUDA

Shamaran Petroleum Corp. is pursuing a change in the company's primary listing on the TSX Venture Exchange to the Euronext Growth Oslo market operated by the Oslo Stock Exchange. The company will continue to fully support the secondary listing on Nasdaq First North Growth Market in Stockholm. Shamaran plans to simultaneously effect a corporate continuance from Canada to Bermuda to have a more efficient corporate structure.

Garrett Soden, president and chief executive officer of Shamaran, commented: "The proposed primary listing in Oslo and move to Bermuda should attract new international oil and gas investors, increase trading liquidity, and allow Shamaran to pay dividends more efficiently. The Oslo market is very familiar with the Kurdistan oil and gas sector, both on the debt and equity side. All of the equity and credit research analysts covering Shamaran are located in Oslo, and our corporate bonds were issued in Oslo. Shamaran does not need to raise capital, and none of our major shareholders intend to sell shares as part of the Oslo listing process but we expect Shamaran shares to trade in Oslo over time."

If Shamaran completes both transactions, the company will no longer be incorporated in British Columbia, and, subject to the laws of Canada, it will cease to be listed on the TSX Venture Exchange and it will no longer be a reporting issuer in any jurisdiction in Canada. Shamaran will instead be incorporated in and subject to the laws of Bermuda.

For shareholders holding Shamaran common shares through Euroclear Sweden AB, upon the continuance becoming effective, the common shares held through Euroclear will be exchanged for new Swedish depositary receipts. The issuer of the SDRs will be DNB Bank ASA, Sweden branch, and the terms and conditions for the SDRs will be included in the information circular described below.

Shamaran intends to hold a special meeting of the shareholders to seek approval of a special resolution approving the continuance of the company from British Columbia, Canada, to Bermuda. The meeting will be held at Suite 2800, 1055 Dunsmuir St., Vancouver, B.C., V7X 1L2, Canada, on March 10, 2026, at 8 a.m. Vancouver time. The board has fixed Jan. 21, 2026, as the record date for the meeting. Only shareholders of record at the close of business on the record date are entitled to receive notice of the meeting and attend and vote at the meeting or any adjournments or postponements thereof. For the continuance to become effective, the continuance resolution must be approved by at least two-thirds of the votes cast by the shareholders present in person or represented by proxy at the meeting.

The continuance, if approved by the shareholders, is expected to be effective on or around March 16, 2026, subject to regulatory approvals and satisfaction of the conditions precedent set out in the company's bond documentation. In connection with the continuance, it is expected that the common shares of the company will be delisted from the TSX-V and relisted on the EGO, and the company will cease to be a reporting issuer in all jurisdictions of Canada where it is currently reporting, namely, British Columbia, Saskatchewan, Ontario, Nova Scotia, Alberta and Manitoba. The company has obtained unconditional support from its largest shareholder, the Lundin family trust represented through Nemesia Sarl, for the continuance and the contemplated relisting on EGO.

The notice of special meeting of shareholders and an accompanying information circular and any additional transaction documents will be available under the company's profile on SEDAR+ and will also be available at the Shamaran website.

The final dates of the exchange from common shares to SDRs through Euroclear and the ISIN codes of the SDRs and the underlying Shamaran Bermuda shares in VPS will be announced by the company prior to the effective date of the continuance.

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-V and in Stockholm on Nasdaq First North Growth Market (ticker SNM). Shamaran is part of the Lundin group of companies.

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