2025 Reserves and Resources
The Company’s working interest proved plus probable (“2”) reserves3 decreased from 71.5 MMbbls at December 31, 2024 to 67.1 MMbbls at December 31, 2025, primarily due to produced volumes offset by positive technical revisions, representing a replacement ratio of 42% for year-end 2025; and The Company’s working interest best estimate (“2”) contingent resource4 volumes increased from 72.2 MMbbls at December 31, 2024 to 72.8 MMbbls at December 31,2025.
As of year-end 2025, the Atrush field has achieved cumulative production of approximately 92.0 MMbbls, and the Sarsang field has reached cumulative production of approximately 88.8 MMbbls.
Notes:
- Reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd., the Company’s independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook.
- Company’s working interest 2C resources are defined as the best estimate of working interest quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.
- Company Gross reserves and contingent resources reported are equivalent to ShaMaran’s working interest reserves and resources. ShaMaran’s working interest reserves and resources are an indication of ShaMaran’s working interest portion of the gross field reserves and resources, they are not necessarily equal to the reserves and resources to which ShaMaran is entitled.