ShaMaran Announces Successful Retail Private Placement

02 Jun 2026 23:00 CEST

June 2, 2026

Hamilton, Bermuda – ShaMaran Petroleum Ltd. (“ShaMaran” or the “Company”) has
placed the previously announced retail private placement of new shares in the
Company (the “Offer Shares”) for the NOK equivalent of up to EUR 1 million (the
“Retail Private Placement”) in connection with the contemplated listing of the
Company on Euronext Growth Oslo market (“EGO”) operated by the Oslo Stock
Exchange (“OSE”). ShaMaran announces that 8,999,999 Offer Shares have been
successfully placed with the Retail Private Placement multiple times
oversubscribed, and the Company welcomes more than 400 new shareholders. Pareto
Securities AS acted as manager for the Retail Private Placement (the “Manager”).

The price to be paid for each Offer Share in the Retail Private Placement (the
“Offer Price”) is NOK 1.20, equal to a 10% discount to the volume-weighted
average price of the Swedish depositary receipts (reflecting the underlying
shares in the Company) on Nasdaq First North Growth Market during the
application period (four trading days between 28 May 2026 and 2 June 2026),
converted to NOK using Norges Bank’s SEK/NOK exchange rate on 2 June 2026 and
rounded down to the nearest one decimal. Since trading on Nasdaq First Growth
Market did not commence until 29 May 2026, only trades conducted from 29 May
2026 until 2 June 2026 are included in the VWAP calculation.

All applicants who submitted a valid application will receive an allocation.

Notifications of allocation of Offer Shares and the corresponding amounts to be
paid by investors are expected to be communicated to investors on or about 3
June 2026. Investors who have access to investor services through their VPS
account manager will be able to see how many Offer Shares they have been
allocated from 12:00 CEST on 3 June 2026. Any investor who does not have direct
access to VPS may contact the Manager from 12:00 CEST on 3 June 2026 for
information on the number of Offer Shares they have been allocated. Payment for
the allocated Offer Shares is due on 4 June 2026, and there must be sufficient
funds in the stated bank account from 3 June 2026.

Subject to timely payment, the Offer Shares delivered to the investors are
expected to be delivered 5 June 2026, and hence tradable on EGO upon the first
day of trading of the Company’s shares on EGO, expected on or about 5 June 2026.

Completion of the Retail Private Placement is subject to: (i) All corporate
resolutions of the Company required to implement the Offering being validly made
and (ii) the Offer Shares being validly issued and registered in the Norwegian
Central Securities Depository.

For further information about the Retail Offering, please contact:

Pareto Securities AS: +47 22 87 87 50

 
About ShaMaran Petroleum Ltd.

ShaMaran is an independent oil and gas company focused on the Kurdistan region
of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block
and an 18% working interest in the Sarsang Block. ShaMaran is part of the Lundin
Group of Companies.

Elvis Pellumbi, CFO, +41 22 560 8600, info@shamaranpetroleum.com,
www.shamaranpetroleum.com

More information:
Access the news on Oslo Bors NewsWeb site

675227_Private placement PR (clean).pdf