ShaMaran Petroleum (SNM) Corporate Presentation summary

Corporate profile and asset overview

• Operates as an independent oil and gas company with interests in Atrush and Sarsang oil fields in Kurdistan, focusing on growth through acquisitions and organic opportunities.

• Holds a 50% working interest in Atrush and 18% in Sarsang, with significant upside in Triassic and Jurassic reservoirs.

• Market capitalization stands at $165 million, with net debt of $89.7 million and 2,835 million common shares outstanding as of mid-2024.

• Board, management, and the Lundin family collectively own a minority stake, with most shares held by retail and institutional investors.

Production, reserves, and contract terms

• Combined working interest 2P reserves total 88.2 MMstb, with Q2 2024 production at 12,274 bopd.

• Atrush and Sarsang blocks each have 11 wells, producing 36k and 43k bopd gross, respectively, with oil exported via pipeline and trucking.

• Production sharing contracts offer 36–38.7% cost oil recovery and 13.5–31.5% profit oil, with a 20-year development period and automatic 5-year extension.

Local sales and market dynamics

• Pipeline flow reversal enables sales to local refineries, with crude delivered to Lanaz by truck and to KAR by pipeline.

• Local sales provide prompt payments, supporting cash flow despite discounts to international prices.

• Transportation and export routes remain established after over a year of pipeline closure, with sales expected to rise post-transaction.