ShaMaran Petroleum (SNM) Corporate Presentation summary

Corporate profile and asset overview

• Operates as a non-operator with two producing oil assets in Kurdistan, focusing on organic growth and M&A opportunities.

• Holds 50% working interest in Atrush and 18% in Sarsang, with combined production from 22 wells.

• Market capitalization stands at $371 million, with net debt of $104.4 million and 7 employees as of May 2025.

• Share ownership is primarily retail and institutional (73.9%), with Lundin family holding 25.3%.

Production, sales, and financial performance

• Atrush produces 36k bopd (25-26° API), Sarsang 30k bopd (37-38° API), both exported via pipeline and trucking.

• Local sales to Kurdistan refineries generate prompt cash flow at a discount to Brent, with pipeline flow reversed since March 2023.

• Working interest production increased to 23k bopd in Q1 2025, up 155% since Q4 2023.

• Over $161 million in debt repaid since pipeline closure, with gross debt reduced by 51% from YE 2022 to May 2025.

Growth strategy and M&A

• Growth achieved through acquisitions, including Marathon Oil's 7.5% Atrush WI, TotalEnergies' 18% Sarsang WI, and TAQA's 22.4% Atrush WI.

• Atrush transaction in August 2024 significantly increased scale, with current working interest at 50% and net production at 17.7k bopd.

• Net 2P reserves for Atrush and Sarsang have grown substantially, with overall 2P reserves at 71.5 MMstb as of Q1 2025.

• Deleveraging and opportunistic M&A in Kurdistan are key value drivers.