ShaMaran Announces Successful Pricing of Bond Issuance 

October 21, 2026

Hamilton, Bermuda - ShaMaran Petroleum Ltd. ("ShaMaran" or the "Company")
(Euronext Growth Oslo: SNM) (Nasdaq First North Stockholm: SNM) announces the
successful placement of $200 million of new five-year senior unsecured bonds
with a coupon rate of 10.25% per annum. The bond placement met very strong
demand across international markets and was significantly over-subscribed by a
wide range of high-quality investors. The purpose of the new bond issue is to
refinance the existing 2029 bond maturity with approximately $144 million
currently outstanding (ISIN NO 0011057622) in order to fund investments in the
Hamrin field in Federal Iraq and for general corporate purposes. 

Settlement of the bond issue is expected to occur on or about November 5, 2026,
subject to customary conditions precedent. An application will be made for the
bonds to be listed on the Euronext ABM market in Oslo. The Company will call the
existing bond (ISIN NO 0011057622) at the prevailing call price following
settlement of the new bond.

Elvis Pellumbi, Chief Financial Officer of ShaMaran, commented, "This
refinancing was a natural step as we recently announced two credit-enhancing and
accretive deals with Hamrin and the contemplated Gulf Keystone merger. With the
new bond, we reduce the Company's annual interest cost, extend our debt tenor
and secure funding for our expected investments in the Hamrin field in Federal
Iraq. We are very pleased with the strong interest in the market for this bond
that enabled swift placement."

All currency amounts indicated as "$" in this news release are expressed in
United States dollars. ShaMaran plans to publish its financial statements for
the three months ending September 30, 2026, on November 9, 2026. 

Pareto Securities AS acted as sole bookrunner and manager for the bond issue. 

About ShaMaran Petroleum Ltd.

ShaMaran is an independent oil and gas company with non-operated stakes in three
fields in Iraq. The Company indirectly holds a 50% working interest in the
Atrush Block and an 18% working interest in the Sarsang Block, both in the
Kurdistan Region of Iraq. The Company will also hold a 25% interest in the
Hamrin JV, which holds the Hamrin DPC in Federal Iraq. ShaMaran has announced a
contemplated combination with Gulf Keystone Petroleum Ltd., subject to the
required approvals. 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.

Important Information

ShaMaran is obliged to make this information public pursuant to the EU Market
Abuse Regulation. This information was submitted for publication through the
agency of the contact person set out below on October 21, 2026, at 8:30 p.m.
CEST.

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

Forward-Looking Statements

Certain statements contained in this press release constitute forward-looking
information. These statements relate to future events or the Company's future
performance, business prospects and opportunities, which are based on
assumptions of management.

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. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in oil prices, results of
exploration and development activities, including results, timing and costs of
seismic, drilling and development related activity in the Company's area of
operations, uninsured risks, regulatory changes, defects in title, availability
of funds required to participate in the development activities, availability of
financing on reasonable terms, availability of materials and equipment on
satisfactory terms, outcome of commercial negotiations with government and other
regulatory authorities, timeliness of government or other regulatory approvals,
actual performance of facilities, availability of third party service providers,
equipment and processes relative to specifications and expectations and
unanticipated environmental impacts on operations. The risks outlined above
should not be construed as exhaustive. Additional information on these and other
factors that could affect the Company's operations and financial results are
included in the Company's annual information form, and other reports ,
announcements and filings made publicly available by the Company. Actual future
results may differ materially. The forward-looking information contained in this
release is made as of the date hereof, and the Company is not obligated to
update or revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by applicable
securities laws. Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on forward-looking
information. The foregoing statements expressly qualify any forward-looking
information.


Source: ShaMaran Petroleum Ltd.
Elvis Pellumbi, CFO, +41 22 560 8600, info@shamaranpetroleum.com,
www.shamaranpetroleum.com 
nformation.\
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\
Source: ShaMaran Petroleum Ltd.\
Elvis Pellumbi\, CFO\, +41 22 560 8600\, info@shamaranpetroleum.com\,\
www.shamaranpetroleum.com \