2023 Reserves and Resources

On February 14, 2024, ShaMaran reported that the total Company’s gross 2P reserves^1,3 decreased by 2023 production of 2.9 MMbbls, from 68.3 MMbbls at December 31, 2022, to 65.4 MMbbls at December 31, 2023; The Company’s gross 2C resource volumes^2,3 remained constant from 41.5 MMbbls at December 31, 2022, to 41.5 MMbbls at December 31, 2023.

As of year-end 2022, the Atrush field has achieved a cumulative production of approximately 67 MMbbls and the Sarsang field a cumulative production of approximately 55 MMbbls.

Notes:

1. Reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd., the Company’s independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook.

2. Company’s working interest 2C resources are defined as the best estimate of working interest quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies.

3. Company Gross reserves and contingent resources reported are equivalent to ShaMaran’s working interest reserves and resources. ShaMaran’s working interest reserves and resources are an indication of ShaMaran’s working interest portion of the gross field reserves and resources, they are not necessarily equal to the reserves and resources to which ShaMaran is entitled.