ShaMaran Petroleum : 2023 Annual Information Form

1055 Dunsmuir Street

Suite 2800

PO Box 49225

Vancouver, BC, V7X 1L2, Canada

Tel: +1 (604) 689-7842

Fax: +1 (604) 689-4250

ANNUAL INFORMATION FORM

For the year ended December 31, 2023

Dated: April 30, 2024

SCHEDULE A - Form 51-101 F1 Statement of Reserves Data and Other Oil and Gas Information

SCHEDULE B - Form 51-101 F2 Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor SCHEDULE C - Form 51-101 F3 Report of Management and Directors on Reserves Data and Other Information SCHEDULE D - Form 51-101 F4 Notice of Filing of 51-101 F1 Information

SCHEDULE E - Audit Committee Charter

Glossary of Terms

"2D" means two dimensional.

"3D" means three dimensional.

"2023 Bond Terms" means the agreement between ShaMaran and Nordic Trustee AS, in its capacity as trustee for the bondholders, entered into on July 3, 2018, as amended February 25, 2019, and further amended July 5, 2020, and January 29, 2021, describing the rights and obligations associated with the senior bonds issued by ShaMaran on July 5, 2018, that were originally scheduled to mature on July 5, 2023 (the "2023 Bond"), but have been merged into the 2025 Bond.

"2025 Bond Terms" means the agreement between ShaMaran and Nordic Trustee AS, in its capacity as trustee for the bondholders, entered into on July 30, 2021, and describing the rights and obligations associated with the senior bonds issued by ShaMaran on July 30, 2021, that mature on July 30, 2025, and the 2023 Bond was converted into such bond following satisfaction of certain conditions (the "2025 Bond").

"AIF" or "Annual Information Form" means this Annual Information Form prepared for the year ended December 31, 2023, and dated April [30], 2024.

"°API" means degree API gravity, a measure of the gravity of oil as defined by the American Petroleum Institute.

"Atrush Block" means the area covered by the Atrush PSC.

"Atrush Commercial Discovery" has the meaning assigned to it in the Atrush PSC, generally a discovery that is potentially commercial when considering all technical, operational, commercial and financial factors, all in accordance with prudent international petroleum industry practices.

"Atrush Contractor Group" means the parties from time to time that hold a working interest in the Atrush PSC.

"Atrush Facilitation Agreement" means the Facilitation Agreement dated November 6, 2016, as amended, that the Atrush Contractor Group entered into with the KRG (as defined below).

"Atrush JOA" means the Joint Operating Agreement in respect of the Atrush Block dated November 7, 2011, entered into by the Atrush Contractor Group as amended by the first amendment December 31, 2012, the second amendment dated November 7, 2016, the third amendment dated October 12, 2017, and the fourth amendment dated May 30, 2019.

"Atrush Lifting Agreement" means the Lifting Agreement dated September 18, 2017, between the KRG and TAQA Atrush on behalf of itself and GEP for the sale of Atrush oil production to the KRG as amended and extended; such agreement expired by its terms on August 31, 2022, but, at the date of this AIF, negotiations on an amendment are continuing with the KRG.

"Atrush PSC" means the Production Sharing Contract in respect of the Atrush Block that the KRG entered into with GEP dated November 10, 2007, and as further amended by the first amendment dated August 1, 2010, the second amendment dated October 20, 2010, the third amendment dated December 31, 2012, the fourth amendment dated November 7, 2016, and the fifth amendment dated May 31, 2019.

"Bond Trustee" means Nordic Trust AS as bond trustee for the 2025 ShaMaran Bond.

"BS&W" means basic sediment and water.

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"COGE Handbook" means the Canadian Oil and Gas Evaluation Handbook prepared jointly by The Society of Petroleum Evaluation Engineers (Calgary Chapter) and the Canadian Institute of Mining, Metallurgy & Petroleum (Petroleum Society), as amended from time to time.

"Common Shares" means the common shares in the capital of ShaMaran.

"Company" or "ShaMaran" means ShaMaran Petroleum Corp. and, as the context may indicate, its subsidiaries.

"Constitution of Iraq" means the permanent constitution of Iraq approved by the people of Iraq in the general referendum of October 15, 2005.

"crude oil" means a mixture that consists mainly of pentanes and heavier hydrocarbons, which may contain sulphur and other non-hydrocarbon compounds, that is recoverable at a well from an underground reservoir and that is liquid at the conditions under which its volume is measured or estimated. It does not include solution gas or natural gas liquids.

"development well" means a well drilled inside the established limits of an oil or gas reservoir, or near the edge of the reservoir, to the depth of a stratigraphic horizon known to be productive.

"GEP" means General Exploration Partners, Inc., a wholly-owned subsidiary of the Company, existing under the laws of the Cayman Islands.

"HKN" means HKN Energy Ltd., Operator of the Sarsang Block.

"ITP" means the Iraq-Türkiye pipeline.

"JOAs" means joint operating agreements entered into by the Company.

"km" means kilometers.

"KRG" means The Kurdistan Regional Government of Iraq.

"Kurdistan" or "Kurdistan Region" means the Federal Region of Kurdistan recognized by the Constitution of Iraq and having the same meaning as "Region" in the Oil and Gas Law of The Kurdistan Region - Iraq (Law No. 22 of 2007).

"Kurdistan Oil and Gas Law" means the Oil and Gas Law of the Kurdistan Region - Iraq (Law No. 22 of 2007).

"MOKDV" means Marathon Oil KDV B.V.

"MD&A" means Management's Discussion and Analysis of results of operations and financial condition of the Company for the year ended December 31, 2023.

"MENA" means Middle East and North Africa.

"MNR" means the Ministry of Natural Resources of the KRG.

"natural gas" means a mixture of lighter hydrocarbons that exist either in the gaseous phase or in solution in crude oil in reservoirs but are gaseous at atmospheric conditions. Natural gas may contain sulphur or other non- hydrocarbon compounds.

"NI 51-101" means National Instrument 51-101 - Standards of Disclosure for Oil and Gas Activities of the Canadian Securities Administrators.

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"petroleum" means (i) any naturally occurring hydrocarbons in gaseous or liquid state; (ii) any mixture of naturally occurring hydrocarbons in a gaseous or liquid state; or (iii) any petroleum (as defined in (i) or (ii) herein) that has been returned to a reservoir.

"prospect" means a geographic or stratigraphic area in which the Company owns or intends to own one or more oil and gas interests, geographically defined based on geological data and that is reasonably anticipated to contain at least one reservoir or part of a reservoir of oil and gas.

"PSC", or "Production Sharing Contract" means contracts or agreements entered with a host government providing for petroleum operations in a defined area and the division of petroleum production from the petroleum operations.

"PVT" means pressure volume temperature.

"reservoir" means a subsurface rock formation containing an individual and separate natural accumulation of producible petroleum characterized by a single natural pressure system.

"Sarsang Block" means the area covered by the Sarsang PSC.

"Sarsang Commercial Discovery" has the meaning assigned to it in the Sarsang PSC, generally a discovery that is potentially commercial when considering all technical, operational, commercial and financial factors, all in accordance with prudent international petroleum industry practices.

"Sarsang Contractor Group" means the parties from time to time that hold a working interest in the Sarsang PSC.

"Sarsang JOA" means the Joint Operating Agreement in respect of the Sarsang Block dated August 31, 2011, entered into by the Sarsang Contractor Group as amended by the first amendment dated April 22, 2014, and the second amendment dated August 29, 2018.

"Sarsang Lifting Agreement" means the Lifting Agreement as amended effective September 1, 2022, between the KRG and HKN on behalf of itself and ShaMaran Sarsang for the sale of Sarsang oil production but as at the date of this AIF suspended pending the re-opening of the ITP and re-commencement of export sales.

"Sarsang PSC" means the Production Sharing Contract in respect of the Sarsang Block that the KRG entered into with the Sarsang Contractor Group dated November 7, 2007, and as further amended by the first amendment dated August 1, 2010, the second amendment dated October 20, 2010, the third amendment dated April 22, 2014, the fourth amendment dated April 24, 2014, and the fifth amendment dated May 31, 2018.

"SEDAR+" means the Canadian Securities Administrator's System for Electronic Document Analysis and Retrieval.

"ShaMaran Bond Guarantors" as at the date of this AIF are certain subsidiaries of the Company being ShaMaran Services SA, GEP and ShaMaran Sarsang.

"ShaMaran Business Code" means the Code of Business Conduct and Ethics adopted by the Company on August 24, 2007, and subsequently amended and restated on September 22, 2023, and as in effect at the date of this AIF.

"ShaMaran Sarsang" means ShaMaran Sarsang AS, a wholly-owned subsidiary of the Company existing under the laws of Denmark.

"TAQA Atrush" means TAQA Atrush B.V., Operator of the Atrush Block, and a wholly-owned subsidiary of the Abu Dhabi National Energy Company PJSC.

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"TD" means total depth.

"TSX.V" means the TSX Venture Exchange.

"TVD" means true vertical depth.

Currency

The Company reports its financial results and prepares its financial statements in United States dollars ("USD"). All currency amounts indicated as "$" in this AIF are expressed in United States dollars unless otherwise indicated. "CAD" means Canadian dollars.

Accounting Policies and Financial Information

Financial information is presented in accordance with International Financial Reporting Standards ("IFRS"), unless otherwise indicated.

Conversion Table

The following table sets forth certain conversions between Standard Imperial Units and the International System of Units (or metric units).

Abbreviations

Oil and Natural Gas Liquids

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The calculations of barrels of oil equivalent ("boes") and thousand cubic feet of gas equivalent ("McfGe") are based on the standard of 6 Mcf: 1 bbl when converting natural gas to oil and 1 bbl: 6 Mcf when converting oil to natural gas. Boes and McfGe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 Mcf: 1 bbl or a McfGe conversion ratio of 1 bbl: 6 Mcf is based on an energy equivalent conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.

Cautionary Statement Regarding Forward-Looking Information

Certain statements in this document and the documents incorporated by reference are "forward-looking information" and "forward-looking statements" (within the meaning of applicable securities legislation). Forward- looking information is information concerning possible events, conditions or financial performance that is based on management's assumptions relating to future economic conditions and courses of actions. Forward-looking information can include future-oriented financial information and disclosure relating to the Company's financial outlook. Forward-looking statements are statements that are not historical and are generally identified by words such as "seek", "continue", "may", "will", "projects", "believes", "anticipates", "expects", "estimates", "pending", "intends", "plans" or similar words suggesting future outcomes that are based on management's best judgment and assumptions concerning how future trends will impact the Company's business.

By their nature, forward-looking statements and forward-looking information is likely to be less reliable than historical information because it is based on these judgements and assumptions, accounting for inherent risks and uncertainties, many of which are difficult to predict, and which are usually beyond the control of management, but which could cause actual results to be materially different from those expressed by these forward-looking statements and information.

Assumptions

Management is regularly considering and evaluating assumptions that will impact on future performance. Examples of such assumptions include, but are not limited to: (i) assumptions concerning competitive factors such as those relating to the distribution and marketing of oil and natural gas, pricing, and methods of improving reliability of delivery, and (ii) assumptions relating to future changes in environmental or health and safety laws, regulations or community expectations governing the Company's operations, including, but not limited to, increased monitoring, compliance and remediation costs and/or costs associated with penalties or other sanctions imposed on the Company for non-compliance or breach of environmental regulation.

Risks

Examples of risks and uncertainties associated with the assumptions made by management include, but are not limited to: (i) risks associated with international operations in Kurdistan, in northern Iraq, which is a politically less stable jurisdiction; (ii) risks associated with the regulation of oil and gas production and export; (iii) risks that are inherent in oil and gas development and production, including availability of functioning infrastructure, complying with environmental regulation and the availability of staff and equipment. The Company is also exposed to more generic risks such as the risk with respect to general economic conditions, regulations and taxes, civil unrest, corporate restructuring and related costs, capital and operating expenses, petroleum pricing and availability of financing and currency exchange rate fluctuations. Management used its best efforts to ensure that the assumptions used in the preparation of such information were reasonable. However, they may ultimately prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.

The Company does not undertake to update or re-issue the forward-looking statements and information that may be contained herein, whether due to new information, future events or otherwise. Where such forward-looking statements or forward-looking information is updated or withdrawn, notification will be given by way of a news release and/or MD&A disclosure. Material differences between actual results and previously disclosed future-oriented financial information or financial outlook will be disclosed in the Company's MD&A.

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Forward-looking Statements

Any statements regarding the following are forward-looking statements:

• planned development or appraisal activity including both expected drilling and geological and geophysical related activities
• future crude oil, natural gas or chemical prices
• future sources of funding for our capital program
• government or other regulatory consent for appraisal, development or acquisition activities
• future production levels
• future capital expenditures and their allocation to appraisal and development activities
• future earnings
• future asset acquisitions or dispositions
• future debt levels
• availability of committed credit facilities
• possible commerciality
• future development plan amendments or capacity expansions
• future ability to execute dispositions of assets or businesses
• future sources of liquidity, cash flows and their uses
• future drilling of new wells
• ultimate recoverability of current and long-term assets
• ultimate recoverability of reserves or resources
• expected finding and development costs
• expected operating costs
• estimates on a per share basis
• future foreign currency exchange rates
• future market interest rates
• future expenditures and future allowances relating to environmental matters
• dates by which certain areas will be developed or will come on stream or reach expected operating capacity
• changes in any of the foregoing

Statements relating to reserves or resources are forward-looking statements as they involve the implied assessment, based on estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated and can be profitably produced in the future.

The forward-looking statements are subject to known and unknown risks and uncertainties and other factors that may cause actual results, levels of activity and achievements to differ materially from those expressed or implied by such statements. Such factors include, among others:

• market prices for oil and gas and chemical products
• the Company's ability to develop, produce and transport crude oil to markets
• ultimate effectiveness of design or design modification to facilities
• the results of appraisal and development drilling and related activities
• volatility in energy trading markets
• foreign-currencyexchange rates
• economic conditions in the country and region in which the Company carries on business
• governmental actions including changes to taxes or royalties, changes in environmental and other laws and regulations
• renegotiations of contracts
• results of litigation, arbitration or regulatory proceedings
• political uncertainty, including actions by terrorists, insurgent or other groups, or other armed conflict
• conflict between states
• internal conflict within states or regions

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The impact of any one risk, uncertainty or factor on a particular forward-looking statement is not determinable with certainty as these factors are interdependent, and management's future course of action would depend on our assessment of all information at that time. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to us on the date such forward-looking statements were made, no assurances can be given as to future results, levels of activity and achievements.

Undue reliance should not be placed on the statements contained herein, which are made as at the date hereof and, except as required by law, we undertake no obligation to update publicly or revise any forward-looking statements, whether because of new information, future events or otherwise. The forward-looking statements contained herein are expressly qualified by this cautionary statement.

Presentation of Oil and Gas Information

All oil and gas information contained in this AIF has been prepared and presented in accordance with NI 51-101. Certain terms used herein are defined in the "Glossary of Terms". Certain other terms used herein but not defined herein are defined in the COGE Handbook, NI 51-101 and Canadian Securities Administrators Staff Notice 51-324 ("CSA 51-324") and, unless the context otherwise requires, shall have the same meanings herein as in NI 51-101 and CSA 51-324. This AIF also contains certain supplemental operational and property information with respect to the Company that is not required to be disclosed under NI 51-101.

The actual oil and gas resources or reserves and future production may be greater or less than any estimates provided herein.

ITEM 1 - INTRODUCTION

Incorporation by Reference and Date of Information

Specifically incorporated by reference and forming a part of this AIF is the Company's material change report from January 22, 2024, to the date of this AIF. A copy of such material change report has been filed with the Canadian Securities Administrators in each of the Provinces of British Columbia, Alberta, Ontario, Saskatchewan, Manitoba and Nova Scotia and can be found under the Company's profile on SEDAR+ at www.sedarplus.ca.

All information in this AIF is at December 31, 2023, unless otherwise indicated.

ITEM 2 - CORPORATE STRUCTURE

Name, Address and Incorporation

The full corporate name of the Company is ShaMaran Petroleum Corp. The address of the Company's head office is 1055 Dunsmuir Street, Suite 2800, PO Box 49225, Vancouver, BC, V7X 1L2, Canada, and the registered address and records office is 1075 West Georgia Street, Suite 1200, Vancouver, BC, V6E 3C9, Canada.

The Company was incorporated under the laws of the Province of British Columbia on October 3, 1991, under the name "Arauco Resources Corporation" ("Arauco").

On August 13, 1997, Arauco was continued as a federal company under the Canada Business Corporations Act ("CBCA"), and, on August 29, 1997, the name of the Company was changed from Arauco to Kit Resources Ltd. ("Kit").

Pursuant to the terms of a statutory plan of arrangement approved by the Ontario Superior Court of Justice on March 3, 2000, Kit and 1395896 Ontario Inc., a wholly-owned subsidiary of Wheaton River Minerals Ltd. ("Wheaton River"), were amalgamated under the name Kit (the "Arrangement"). After the Arrangement, Kit became a wholly-owned subsidiary of Wheaton River.

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Effective March 6, 2000, to facilitate the business combination of Kit and Wheaton River, Kit was continued from the federal jurisdiction to Ontario under the Ontario Business Corporations Act (the "OBCA"). In January 2001, Wheaton River sold its majority interest in the Company.

On November 15, 2001, Kit was extra-territorially registered in the Province of British Columbia and on December 29, 2006, was continued into British Columbia from Ontario under the Business Corporations Act (British Columbia).

On February 9, 2007, the corporate name of the Company was changed from Kit to Bayou Bend Petroleum Ltd. ("Bayou Bend").

On October 21, 2009, the corporate name of the Company was changed from Bayou Bend to ShaMaran Petroleum Corp.

Intercorporate Relationships

Substantially all the Company's business is carried on through its various subsidiaries. The Company's initiative to eliminate redundancies in its legal structure resulted in the dissolution of certain of the Company's legal entities in the United States and in Canada during 2023. The following chart illustrates, as at the date of this AIF, the Company's significant subsidiaries, including their respective jurisdiction of incorporation and the percentage of voting securities in each that are directly held by the Company:

ITEM 3 - GENERAL DEVELOPMENT OF THE BUSINESS

ShaMaran is a Canadian independent oil development, exploration and production company currently engaged in the appraisal, development and production of oil and gas resources in the Atrush Block and the Sarsang Block in the Kurdistan Region of Iraq ("Kurdistan").

ShaMaran holds a 27.6% working interest in the Atrush PSC, through its wholly-owned subsidiary GEP, related to a petroleum property located in Kurdistan. The Atrush Block covers 269 km2 and includes, on the surface, the Chiya Khere Mountain running east to west, which coincides with the Atrush Block subsurface structure. The Atrush Block is located approximately 85 kilometres northwest of Erbil, the capital of Kurdistan. Oil production from the Atrush Block commenced in July 2017. TAQA Atrush operates the Atrush Block, which is a single oil-producing field. Due to the closure of the ITP in March 2023 (See item 3 "Year Ended December 31, 2023 - Operational Developments") and the resulting unavailability of export facilities, production from the Atrush Block was shut-in until local sales began

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