The supplement has been prepared as a result of ShaMaran’s release of (i) its audited consolidated financial statements for the three and twelve months ended December 31, 2021 and (ii) a detailed ownership report for the Atrush block at December 31, 2021as ShaMaran announced in a press release on April 25, 2022.

This information was submitted for publication, through the contact persons listed below, on April 26, 2022 at 5:30 p.m. Eastern Time.

Arctic Securities AS (Swedish Branch), is the company’s certified advisor on the Nasdaq First North Growth Market (Sweden) +46 844 68 61 00, [email protected].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.

The information contained in this press release may not be released, distributed or published, directly or indirectly, in or in The United States of America, Australia, hong kong, Japan, New Zealand, Singapore, South Africa, Swiss, or any other jurisdiction in which the dissemination, distribution or publication would be unlawful or would require any action other than that required by Swedish or Canadian law. Actions in violation of these restrictions may constitute a violation of applicable securities laws.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities of the Company in any jurisdiction. There will be no offer or sale or solicitation of an offer to buy securities in any jurisdiction in which such offer, sale or solicitation would be unlawful.

The rights to subscribe for shares of the Company, and any shares issuable upon the exercise of such subscription rights, have not been and will not be registered under the United States Securities Act of 1933 , as amended (the “1933 Act”), or any state securities laws, and may not be directly or indirectly offered, sold, resold or exercised, as the case may be, in United States or to, or for the account or benefit of a US Person (as such terms are defined in Regulation S of the 1933 Act) unless registered under the 1933 Act or the transaction is exempt from the registration requirements of the 1933 Act and applicable state securities laws.

This press release is not a prospectus within the meaning of the Prospectus Regulation and has not been approved by any regulatory authority in any jurisdiction. Approval of the Prospectus or Supplement should not be construed as an approval of the securities offered. In order for investors to fully understand the potential risks and rewards associated with a decision to participate in the rights issue, any investment decision made by investors in Sweden should be made solely on the basis of the information contained in the Prospectus and the Supplement. Thus, investors in Sweden are encouraged to read the Prospectus and the Supplement in their entirety. This press release constitutes advertising pursuant to Article 2k of the Prospectus Regulation. This press release has been prepared on the basis that any offer of securities in any member state of the European Economic Area, other than Sweden, which has implemented the Prospectus Regulation (each, a “Relevant Member State”) will be made pursuant to an exemption under the Prospectus Regulation, as implemented in that Relevant Member State, from the requirement to publish a prospectus for securities offerings. Accordingly, any person making or intending to make an offer in such Member State of securities which are the subject of the offer contemplated in this press release may only do so in circumstances in which no obligation exists for the Company to publish a prospectus in accordance with Article 3 of the Prospectus Regulation or supplement a prospectus in accordance with Article 23 of the Prospectus Regulation, in each case, in relation to such an offer. The Company has not authorized, and does not authorize, the making of any offer of securities through any financial intermediary. The Company has not authorized, and does not authorize, the making of an offer of securities in circumstances in which an obligation arises for the Company to publish or complete a prospectus for such an offer.

ShaMaran is a Kurdistan a focused oil exploration and development company that holds a 27.6% interest, through its wholly owned subsidiary General Exploration Partners, Inc., in the Atrush block and as announced in the company’s press release. company of July 12, 2021 upon successful closing of the acquisition from a subsidiary of TotalEnergies, it will also hold an 18% interest through its then wholly owned subsidiary TEPKRI Sarsang A/S in the Sarsang block.

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” and is part of the “Lundin Group of Companies”.

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SOURCEShaMaran Petroleum Corp.

For more information: ShaMaran Investor Relations, [email protected]; Sophia Shane, Corporate Development, Canada, +1 604 806 3575, [email protected]; Robert Eriksson, Investor Relations, Sweden, +46 701 112615


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