Mr. Elvis Pellumbi reports

SHAMARAN ANNOUNCES EXPECTED TIMELINE FOR PRIMARY LISTING IN OSLO AND CORPORATE CONTINUANCE TO BERMUDA

The process to change Shamaran Petroleum Corp.'s primary listing from the TSX Venture Exchange to the Euronext Growth Oslo market (EGO) operated by the Oslo Stock Exchange (OSE) will begin on May 26, 2026, and is expected to be completed by June 5, 2026. Management plans to simultaneously effect a corporate continuance from Canada to Bermuda to have a more efficient corporate structure.

The special meeting of shareholders held on March 10, 2026, approved the continuance of the company from Canada to Bermuda and the delisting of the company's shares from the TSX-V. Shamaran will continue to fully support the secondary listing on Nasdaq First North Growth Market in Stockholm.

Following the required approvals, and subject to the conditions precedent set out in the company's bond documentation, Shamaran will proceed with the requisite steps to effect the above transactions.

The planned start of the company's shares trading on EGO in Norway on June 5, 2026, is indicative and is subject to fulfilment of the relevant listing requirements of EGO and Nasdaq First North. Similarly, the planned start of trading of Swedish depositary receipts (SDRs) on Nasdaq First North in Sweden on May 28, 2026, is also indicative and subject to the registration of shares in the Norwegian central securities depository, Verdipapirsentralen (VPS).

For shareholders holding the company's shares through Euroclear Sweden AB, upon the continuance becoming effective, the company's shares will be automatically exchanged for new SDRs. No actions are needed for shareholders holding shares through Euroclear in order for them to receive SDRs. For more information and the terms and conditions for the SDRs, please see the information circular published on Jan. 29, 2026, available on the company's website.

The company's shares are currently fully exchangeable between TSX-V in Canada and Nasdaq First North in Sweden and will remain fully exchangeable between EGO in Norway and Nasdaq First North in Sweden upon completion of the proposed transactions (provided each shareholder has the requisite accounts in Euroclear and VPS). The company has published a simplified road map for investors in connection with the transfer of the company's primary listing to Oslo on its website.

The conversion from SDRs listed on Nasdaq First North in Sweden to shares listed on EGO in Norway and vice versa normally entails administrative fees from the custodian or account-holding institution. The company will offer conversion free of charge through DNB Bank ASA Sweden Branch until June 30, 2026. If Swedish shareholders convert SDRs or shares after this date, customary costs will apply. Further information on the conversion process will be provided by the company in connection with, or shortly following, the contemplated listing on EGO.

The ISINs (international securities identification numbers) for the SDRs and the Shamaran Petroleum shares in VPS will be announced by the company following the effective date of the continuance.

The company intends to make an application to the applicable Canadian securities commissions to cease to be a reporting issuer in Canada upon completion of the continuance to Bermuda.

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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