ShaMaran Reports Fourth Quarter 2025 Results and Year-End Reserves and Resources

Executive Summary

• ShaMaran posted a strong Q4 2025 and full‑year 2025 performance, with revenue up 57% YoY in the quarter and 42% for the year, driven by higher international crude prices after the Iraq‑Türkiye pipeline restart.
• Adjusted EBITDAX rose 71% YoY in Q4 and 41% for FY 2025, while net cash flow from operations fell due to timing of export receipts and increased drilling/debottlenecking expenditures.
• Year‑end 2P reserves declined modestly to 67.1 MMbbl (replacement ratio 42%), while best‑estimate contingent resources rose slightly to 72.8 MMbbl.

Key Details

• Revenue: Q4 2025 $54.7 M (↑57% vs Q4 2024); FY 2025 $154.9 M (↑42% YoY).
• Gross margin on oil sales: Q4 2025 $30.5 M (↑60% YoY); FY 2025 $65.0 M (↑50% YoY).
• Adjusted EBITDAX: Q4 2025 $39.9 M (↑71% YoY); FY 2025 $107.1 M (↑41% YoY).
• Net cash flow from operating activities: Q4 2025 $4.7 M (↓86% vs Q4 2024); FY 2025 $69.1 M (↓29% YoY).
• Cash & Debt Position (31‑Dec‑2025): Cash $42.1 M; Gross debt $143.8 M; Net debt $101.6 M. (As of 4 Mar 2026: cash $39.1 M; net debt $104.7 M).
• Production – Gross daily oil (Mbopd): Atrush 30.2, Sarsang 27.1 → Total 57.3 Mbopd Q4 2025 (‑14% vs Q4 2024). FY 2025 total 58.4 Mbopd (‑2%).
• Production – Company net daily oil (Mbopd): Atrush 15.1, Sarsang 4.9 → Total 20.0 Mbopd Q4 2025 (‑7% YoY); FY 2025 total 20.9 Mbopd (+32% YoY).
• Reserves & Resources: 2P reserves 67.1 MMbbl (down from 71.5 MMbbl), replacement ratio 42%; 2C contingent resources 72.8 MMbbl (up from 72.2 MMbbl).
• Debt repayment: $56.1 M of corporate bond repaid; maturity extended to July 2029. Related‑party loan fully repaid ($15.6 M) with interest.
• Operational note: Pipeline exports via Iraq‑Türkiye route resumed 27 Sep 2025 and continued uninterrupted through Q4 2025 under interim agreements extended to 31 Mar 2026.
• Subsequent event (2 Mar 2026): Temporary shut‑in of Atrush & Sarsang blocks due to regional security; restart planned when safe.
• Shareholder meeting: Special meeting scheduled 10 Mar 2026 to vote on moving primary listing from Toronto to Oslo and corporate continuance to Bermuda.

Notable Quotes

“Our year‑end results demonstrate the Company’s earnings potential from better international crude pricing … and we plan to ‘drill‑to‑fill’ the increased capacity at Atrush, depending on the regional security environment.” – Garrett Soden, President & CEO

All figures are presented in U.S. dollars unless otherwise noted.