Shamarani Petroleum announced the oil production data in the fourth quarter of 2023;

🔹 Sarsang oil field produced an average of (36 thousand 400) barrels of oil per day, each barrel sold at (42) dollars, which is (50%) lower than the price of Brent oil in the world markets.

🔹 The Atrush oil field produced an average of 9,006 barrels of oil per day, selling at $33 per barrel, which is 61% lower than the price of Brent oil in the world markets.

Oil production from Sarsang and Atrush fields in the fourth quarter of 2023

The Sarsang operator was able to increase production and local sales during Q4 2023. The Atrush operator restarted production on November 7, 2023, and reached production and sales of approximately 20,000 bopd that month but was then curtailed to a maximum of 10,000 bopd for most of December 2023. The Atrush curtailment was primarily due to operational bottlenecks at local refineries receiving the crude through reversed-flow pipeline deliveries, and this situation continues in January 2024.

As of December 31, 2023, ShaMaran had gross outstanding debt of $293 million and net debt of $193 million (including restricted and unrestricted cash and Company-owned bonds). The Company intends to use part of its owned bonds to satisfy the $22.5 million bond amortization amount due in January 2024. Pro forma for the amortization and interest payments at the end of January 2024, the Company forecasts gross debt of $271 million and net debt of $200 million (including restricted and unrestricted cash and Company-owned bonds).

ShaMaran expects to publish its audited Q4 2023 operating and financial results on March 6, 2024. Except as otherwise indicated, all currency amounts indicated as “$” in this news release are expressed in United States dollars.

About ShaMaran Petroleum Corp.

ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block, and, subject to closing the previously announced transaction, will increase its indirect 27.6% working interest in the Atrush Block to 50%. The Company is listed in Toronto on TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker “SNM”). ShaMaran is part of the Lundin Group of Companies.