The Company is also in receipt of $2.19 million net to the Company as the next instalment for December 2021 in the Kurdistan Regional Government ("KRG") receivable repayment mechanism calculated based on the KRG's proposed amendment to the mechanism repayment terms as announced on May 13, 2021.  Today's payment, together with a set-off of the Company's share of the bonus payable to the KRG for the Atrush field's achievement of 50 mmbo cumulative oil production, reduces the KRG's outstanding receivable amount owed to the Company to $10.26 million.

In addition, ShaMaran announces that its Board of Directors has granted 15,750,000 incentive stock options ("Options") to its officers, employees and certain eligible persons of the Company under the terms of the Company's Incentive Stock Option Plan. Each Option is exercisable into one common share of the Company at the exercise price of CAD 0.10 and, subject to certain vesting provisions, will expire in five years.

OTHER
This information contains information that ShaMaran is obliged to make public pursuant to the EU Market Abuse Regulation. This information was submitted for publication, through the agency of the contact persons set out below, on March 31, 2022 at 5:30 p.m. Eastern Time.  Arctic Securities AS (Swedish branch) is the Company's Certified Adviser on Nasdaq First North Growth Market (Sweden) +46 844 68 61 00, certifiedadviser@arctic.com.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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