ShaMaran Petroleum (SNM) Corporate Presentation summary

Corporate profile and asset overview

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

• Holds 50% working interest in both Atrush and Sarsang blocks, with combined pre-ITP closure net production of 25.7k bopd and 2P reserves of 87.7 MMstb.

• Market capitalization stands at $165 million, with net debt of $179 million and cash of $38.7 million as of September 2024.

• Employs 8 staff, with 73.9% of shares held by retail and institutional investors.

Production, sales, and financials

• Atrush produced 36k bopd and Sarsang 43k bopd gross from 11 wells each prior to the ITP closure, with oil exported via pipeline and trucking.

• Local sales generate cash as pipeline flow is reversed, with prompt payments at a significant discount to Brent.

• Reduced expenditures and focus on maximizing local sales and cash generation following pipeline closure.

• PSC terms are low-cost and cash-generative, with cost oil recovery of 36–38.7% and profit oil of 13.5–31.5%.

M&A and growth strategy

• Track record of consolidation through acquisitions, including interests in Atrush and Sarsang blocks.

• Atrush transaction increased scale, boosting net production by 50% and 2P reserves by 30%.

• Focused on regional consolidation and organic growth opportunities.