VANCOUVER, BC — January 19, 2026 — Leads & Copy — ShaMaran Petroleum Corp. (TSXV: SNM) (Nasdaq First North: SNM) is pursuing a primary listing change to the Euronext Growth Oslo market (EGO) operated by the Oslo Stock Exchange (OSE). The company will continue to support its secondary listing on Nasdaq First North Growth Market in Stockholm.
ShaMaran plans a corporate continuance from Canada to Bermuda for a more efficient corporate structure.
Garrett Soden, President and CEO of ShaMaran, said the move to Oslo and Bermuda should attract new international oil and gas investors, increase trading liquidity and allow ShaMaran to pay dividends more efficiently. He added that the Oslo market is familiar with the Kurdistan oil and gas sector.
Soden also noted that all equity and credit research analysts covering ShaMaran are located in Oslo, and their corporate bonds were issued in Oslo. The company does not need to raise capital, and none of its major shareholders intend to sell shares as part of the Oslo listing process, but they expect ShaMaran shares to trade in Oslo over time.
If ShaMaran completes both transactions, it will no longer be incorporated in British Columbia or subject to Canadian laws. It will cease to be listed on the TSXV and will no longer be a reporting issuer in any Canadian jurisdiction. Instead, ShaMaran will be incorporated in and subject to the laws of Bermuda.
For shareholders holding ShaMaran common shares through Euroclear Sweden AB, the common shares will be exchanged for new Swedish Depositary Receipts (SDRs) upon the continuance becoming effective. DNB Bank ASA, Sweden Branch, will be the issuer of the SDRs, and the terms and conditions for the SDRs will be included in the Information Circular.
ShaMaran intends to hold a special meeting of shareholders on March 10, 2026, at 8:00 a.m. (Vancouver time) at Suite 2800, 1055 Dunsmuir Street, Vancouver, B.C., V7X 1L2, Canada, to seek approval of the continuance from British Columbia, Canada, to Bermuda. The board has fixed January 21, 2026, as the record date for the meeting. Only shareholders of record at the close of business on the record date are entitled to receive notice of the meeting and attend and vote.
The Continuance resolution must be approved by at least two-thirds (66 2/3%) of the votes cast by the shareholders present in person or represented by proxy at the meeting for the Continuance to become effective.
The Continuance, if approved by the shareholders, is expected to be effective on or around March 16, 2026, subject to regulatory approvals and satisfaction of the conditions precedent set out in the company’s bond documentation.
In connection with the Continuance, the company’s common shares are expected to be delisted from the TSXV, relisted on the EGO, and the company will cease to be a reporting issuer in all jurisdictions of Canada where it is currently reporting, namely, British Columbia, Saskatchewan, Ontario, Nova Scotia, Alberta, and Manitoba.
The Company has obtained unconditional support from its largest shareholder, the Lundin family trust represented through Nemesia S.à.r.l., for the Continuance and the contemplated relisting on EGO.
The Notice of Special Meeting of Shareholders and an accompanying Information Circular and any additional transaction documents will be available under the Company’s profile on SEDAR+ and at www.shamaranpetroleum.com.
The final dates of the exchange from common shares to SDRs through Euroclear and the ISIN codes of the SDRs and the underlying ShaMaran Bermuda shares in VPS will be announced by the company before the effective date of the Continuance.
ShaMaran Petroleum Corp. is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block. The Company is listed in Toronto on the TSXV and in Stockholm on Nasdaq First North Growth Market (ticker “SNM”). ShaMaran is part of the Lundin Group of Companies.
Source: ShaMaran Petroleum Corp.
