ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ First North Growth Market (Sweden) under the symbol “SNM.” The Company has a 27.6% ownership interest in Atrush Block, a high‐quality oil field in Kurdistan that has a large production base with significant growth potential.

2022 Atrush Guidance

• 2022 average production guidance of 36,000 to 41,000 bopd;
• Atrush capital expenditures for 2022 planned at $116 million ($32 million net to ShaMaran). This capital program includes:
• The drilling and completion of three development wells, including one water injection well.
• Initiation of the gas solution project which will significantly reduce emissions by using existing infrastructure to generate electrical power from produced gas. As the Atrush field is currently dependent on diesel-fueled generators for all electrical power, this project will also therefore greatly reduce future operating costs.
• Atrush operating expenditure is forecast to be $76 million ($21 million net to ShaMaran) for 2022, in line with 2021 actual operating costs; and
• Atrush average lifting costs per barrel are estimated to range from $4.80 to $5.80. Atrush lifting costs are mainly fixed costs and dollar-per-barrel estimates should decrease with increasing levels of production and operational efficiencies.

Cumulative oil production to June 2022 reached over 60 million barrels.