ShaMaran Reports Second Quarter 2026 Results

August 5, 2026

ShaMaran Petroleum Ltd. (“ShaMaran” or the “Company”) (Euronext Growth Oslo: SNM) (Nasdaq First North Stockholm: SNM) today released its financial and operating results and related management’s discussion and analysis (“MD&A”) for the three and six months ended June 30, 2026.

Garrett Soden, President and CEO of ShaMaran, commented: “During the second quarter, ShaMaran completed the corporate continuance from Canada to Bermuda and the change of our primary listing from Toronto to Oslo. Unfortunately, the Iran war continues to have a major impact on Kurdistan oil production with international oil companies mostly shut-in since March 2026. However, the formation of the new Iraqi government and Prime Minister Ali al-Zaidi’s commitment to resolve regional security issues has been a positive development for the region. The closure of the Strait of Hormuz highlights the importance of Iraq’s northern export route through Kurdistan, with Iraq and Türkiye recently signing a one-year extension to the Iraq-Türkiye pipeline agreement. We remain focused on ensuring the safety of personnel, reducing operating expenditures and non-critical activities while maintaining readiness to restart production when the security situation allows. In the meantime, we are working with the Iraqi State Organization for Marketing of Oil and the Iraqi Ministry of Oil to receive the top-up payments due for our full entitlement of oil export sales now that the international consultant’s review is complete.”

Corporate Highlights:

• Production at both the Atrush and Sarsang blocks was temporarily shut-in from March until June 2026 as a precaution due to the Iran war. Production and pipeline exports restarted and gradually increased until another shut-in was announced on July 20, 2026, due to the deterioration of the regional security environment. Other international oil companies (“IOCs”) in the region also announced temporary production shut ins over the same period, with only a fraction of the pre-Iran war oil volumes being exported from the Kurdistan Region of Iraq (“KRI”) via the Iraq-Türkiye pipeline (“ITP”); • International oil exports from the KRI through the ITP restarted on September 27, 2025, and have continued in line with the interim agreements executed between the Kurdistan Regional Government (“KRG”), Government of Iraq and several IOCs, including ShaMaran. - IOCs are entitled to receive export payments “in-kind” under the interim agreements, with cargoes sold by the IOC appointed marketing firm on a regular basis, and payments for the sales received approximately 30 days after each lifting. There have been no delays in receiving payment from the Iraqi State Organization for Marketing of Oil (“SOMO”) as part of the interim agreements since the start of exports in September 2025. - The interim agreements were recently extended to September 30, 2026, in order to facilitate the reconciliation of IOC invoices with the respective Production Sharing Contracts (“PSCs”) by the appointed international consulting firm. IOCs expect full PSC entitlement payment now that the review is complete. • On May 28, 2026, the Company announced completion of the corporate continuance from Canada to Bermuda and the delisting of the Company’s shares from the TSXV. On June 5, 2026, the Company announced the first day of trading on the Euronext Growth Oslo market (“EGO”); and • On June 2, 2026, in connection with the EGO listing requirements, the Company announced placing 8,999,999 shares through a retail offering, raising approximately $1.1 million in cash and welcoming more than 400 new shareholders.

Financial Highlights:

• Revenue in Q2 2026 was $17.8 million (50% lower than the $35.4 million in Q2 2025) primarily due to the shut-in, partially offset by the impact of the realization of Q1 2026 oil prices. The actual realized oil price in Q2 2026 was considerably higher than the estimated price accrued in Q1 2026 due to the timing of cargo liftings and the significant increase in oil price due to the Iran war. Most of Q1 2026 oil exports were sold in cargos from Ceyhan at a higher price during the second quarter; • Oil sales in Q2 2026 averaged a net oil price of $84.23/bbl from the two blocks on a combined basis (154% higher than the $33.12/bbl in Q2 2025) due to international pricing since the restart of pipeline exports; • Gross margin on oil sales in Q2 2026 was $13.3 million (4% higher than the $12.8 million in Q2 2025) mainly due to Q2 2026 pipeline export sales at international pricing and lower costs due to the shut-in; • Net cash flow from operating activities in Q2 2026 was $2.2 million (92% lower than the $26.5 million in Q2 2025) mainly due to the timing of cash receipts for pipeline export sales and the production shut-in that resulted in no sales for most of Q2 2026; • Adjusted EBITDAX¹ in Q2 2026 was $11.9 million (46% lower than the $24.9 million in Q2 2025) due to a combination of the effects described above; • At June 30, 2026, the Company had cash of $29.0 million and gross debt (corporate bond) of $143.8 million. Net debt was $114.8 million, and • At August 5, 2026, the Company has cash of $24.8 million and gross debt of $143.8 million. Net debt² is $119.0 million.

Operational Highlights:

• At Atrush, average gross daily oil production in Q2 2026 was 1.2 Mbopd; • At Sarsang, average gross daily oil production in Q2 2026 was 0.7 Mbopd; • Average gross daily oil production from Atrush and Sarsang in Q2 2026 on a combined basis was 1.9 Mbopd (97% lower than the 63.8 Mbopd in Q2 2025) due to the shut-in for the majority of Q2 2026; • Average Company net daily oil production from Atrush and Sarsang in Q2 2026 on a combined basis was 0.7 Mbopd (97% lower than the 22.7 Mbopd in Q2 2025) due to the shut-in during Q2 2026; • Production at Atrush and Sarsang was suspended for most of the second quarter of 2026 due to the regional security environment. After the first shut-in (early March 2026 until late June 2026), the fields briefly resumed delivering international exports via the ITP before being suspended again due to renewed security concerns from July 20, 2026. Atrush briefly produced at more than 40.0 Mbopd in early July 2026. The damage assessment from drone attacks at Sarsang on March 5, 2026, and April 1, 2026, is still ongoing; and • Operational plans for the remainder of 2026, including drilling and other capital expenditures, remain contingent on the regional security environment. The ITP agreement between Iraq and Türkiye was extended for one year on August 1, 2026. Negotiations are ongoing for a new agreement beyond July 2027.

Subsequent Events:

• On July 13, 2026, the Company announced that production and pipeline exports had gradually increased following restart of operations at the Atrush and Sarsang blocks; and • On July 20, 2026, the Company announced that production and pipeline exports at the Atrush and Sarsang fields were again temporarily shut-in due to the deterioration of the regional security environment. Both the Atrush and Sarsang blocks remain shut-in at the date of this press release due to the regional security situation, and there is no certainty as to the duration of the shut-in. HKN Energy Ltd. (“HKN”), the operator of the blocks, plans to restart production as soon as safe and secure operations are possible.

Please see attached PDF to read the full announcement.