ShaMaran Provides Operational Update

13 Jul 2026 17:36 CEST

July 13, 2026

Hamilton, Bermuda – ShaMaran Petroleum Ltd. (“ShaMaran” or the “Company”)
(Euronext Growth Oslo: SNM) (Nasdaq First North Stockholm: SNM) announces that
production and pipeline exports have gradually increased following restart of
operations at the Atrush and Sarsang blocks. Atrush is producing approximately
37,000 bopd, and Sarsang is producing approximately 7,000 bopd.

Further production increases are expected at both blocks over the coming weeks.
Atrush production is expected to return to over 40,000 bopd shortly. The
operator is working to determine the most efficient solution to return Sarsang
production to full capacity as quickly as possible, depending on completing the
field damage assessment and confirming availability of long-lead items required
for repairs.

Together with our joint venture partners, the Company is closely monitoring the
regional security situation in order to protect our field personnel and assets.

Progress continues on finalizing the long-term agreements that will ensure
exports at international prices for the international oil companies that are
signatories to the Tri-Partite Agreement with the Government of Iraq and
Kurdistan Regional Government.

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. The Company is listed in Oslo
on Euronext Growth and in Stockholm on Nasdaq First North (ticker “SNM”).
ShaMaran is part of the Lundin Group of Companies.

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


Important Information

This information was submitted for publication through the agency of the contact
person set out above on July 13, 2026, at 5:30 p.m. CEST.

The Company’s certified advisor on Nasdaq First North Growth Market is FNCA
Sweden AB.

Forward-Looking Statements

Matters discussed in this announcement may constitute forward-looking
statements. The use of any of the words “will”, “expected”, “planned” and
similar expressions and statements relating to matters that are not historical
facts are intended to identify forward-looking information and are based on the
Company’s current belief or assumptions as to the outcome and timing of certain
future events. Certain information set forth in this news release contains
forward-looking statements.

More information:
Access the news on Oslo Bors NewsWeb site

678119_SNM - production restart July 2026 - final.pdf