ShaMaran works with his rights agent in Canada: (a) to calculate the allocation of Common Shares issuable under the Basic Subscription Privilege, the Additional Subscription Privilege and the Subscription Commitment payment (if any) to be made by the Principal Shareholder of ShaMaran, Nemesia S.à.rl1 and converted into ordinary shares at a price of $0.06825and b) determine the gross proceeds of United States dollars received under the rights offering and will provide details, including information required by National Instrument 45-106 Prospectus Exemptionsonce available.

Adel ChaouchPresident and Chief Executive Officer, said, “I am very pleased with today’s announcement that the rights offering has closed as expected and we look forward to announcing the details of the offer. rights in due time.

Pareto Securities AB (“Pareto”) acted as technical advisor to the Rights Offering in Sweden and Computershare Investor Services, Inc. acted as rights agent in Canada. Pareto is not registered as a dealer in any Canadian jurisdiction and accordingly has not, directly or indirectly, solicited offers to buy or sell Common Shares or rights in Canada.

OTHER
This information has been submitted for publication, through the contact persons listed below, on May 20, 2022 to 8:30 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.

IMPORTANT INFORMATION
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.

The rights to subscribe for shares of the Company, and any shares which have been issued upon the exercise of such subscription rights, have not been and will not be registered under the United States securities laws of 1933, as amended (the “1933 Act”), or any state securities law, 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.

ABOUT SHAMARAN
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”.

Follow us on social networks:
Instagram: @shamaranpetroleumcorp
Twitter: @shamaran_corp
Facebook: @shamaranpetroleumcorp

To note:

(1)

Nemesia S.à.rl and Zebra Holdings and Investment S.à.rl, which report their holdings of securities as joint actors, are private companies ultimately controlled by a trust whose settlor is the estate of the late Adolf H. Lundin.

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