Mr. Elvis Pellumbi reports

SHAMARAN REPORTS INCIDENT AT SARSANG FACILITY

Shamaran Petroleum Corp. has been informed by HKN Energy Ltd., the operator of the Sarsang block in the Kurdistan region of Iraq, that an explosion occurred earlier today at one of the storage facilities in the Sarang field.

All personnel have been safely accounted for, and no injuries have been reported. HKN has initiated a full assessment of the situation and is co-ordinating closely with local authorities and relevant stakeholders to manage the response and ensure the safety of surrounding communities.

Operations at Sarsang remain suspended while production at Atrush is also still shut-in as a precaution.

Shamaran and HKN are committed to the highest standards of safety and environmental responsibility and will provide further updates as more information becomes available.

About Shamaran Petroleum Corp.

Shamaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The company indirectly holds a 50-per-cent working interest in the Atrush block and an 18-per-cent working interest in the Sarsang block. The company is listed in Toronto on the TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker SNM). Shamaran is part of the Lundin Group of Companies.

Important information

Shamaran is obliged to make this information public pursuant to the European Union Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on April 1, 2026, at 4 a.m. Eastern Time.

The company's certified adviser on Nasdaq First North Growth Market is FNCA Sweden AB.