Pareto Securities Annual Natural Resources Day Stockholm - May 21, 2014 A Lundin Group Company

Kurdistan – Continuing Progress

» Khurmala to Fishkabur pipeline commissioned. Kurdistan oil exports projected to reach 400,000 BOPD by end 2014.

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Kurdistan

» Current reports indicate that exports of 100,000 BOPD recommenced earlier in the month and first Kurdistan Crude oil sales have been initiated. » KRG–Turkey: Cementing of long term ties with the signing of broad energy cooperation agreement. » KRG–Baghdad: Ongoing discussions between both parties seeking to put in place an agreement to cover oil exports from Kurdistan. » Plans to increase the capacity of the Khurmala to Fishkabur pipeline by 2015. Other pipeline infrastructure being planned including a “Heavy Crude Oil Pipeline” from northern fields.

Source: KRG Oil & Gas Year Book 2012

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Atrush Block - History of a World Class Oil Discovery

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» Atrush-1: April 2011 Jurassic oil discovery. » Atrush-2: 2012 appraisal well extends oil column to deeper Jurassic formations and confirms excellent reservoir properties through high well deliverability (tested 42,200 bopd*, facilities constrained).

Shaikan

» Commercial Declaration (Nov 2012). » KRG exercises back-in rights (Mar 2013). » Field Development Plan (“FDP”) submitted (May 2013). » Atrush-3: 2013 well confirms eastward extension and depth of oil column. » FDP Phase 1 approved (effective date Oct 1, 2013). » Atrush-4: Dedicated producer drilled in 2014. » Production facilities and pipeline: Planning & construction underway. *Reported test rates are not indicative of maximum production capability, long-term performance, or possible rates to the production facilities which will be determined by future reservoir performance and reservoir management policies.

Block

ShaMaran Working Interest

Atrush

20.1%

Partners

Operator

Gross Acres

TAQA 39.9% KRG 25%, Marathon 15%

TAQA

66,469

Status Appraisal / Development

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Atrush Block - Part of an Accelerated Regional Development

»

FDP( Phase 1) approved in Sep 2013. Execution underway.

»

Contracts for the Atrush field development (Chiya Khere production facilities modules and civil engineering works) awarded.

»

Civil engineering for FP1 area started with completion expected in August 2014.

»

Single/dedicated feeder pipeline between Atrush and tie-in point at KCP2 (Kurdistan Crude Pipeline pumping station #2) at km92 on the KRG export line.

»

Atrush spur pipeline tie-in length ~37km. Pipeline FEED awarded to ILF/KAR. Atrush feeder will follow recently agreed common Right of Way. Final route finalised.

»

Target: First Oil by Q1 2015.

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Preliminary route of planned Atrush tie-in pipeline shown – Source: TAQA

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Atrush--4: Well Summary Atrush

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» 2nd Phase 1 Atrush Development well for the Chiya Khere facilities* at initial 4km2/well spacing. » Spud October 20, 2013 - Drilling operations: 111 days; Testing operations: 44 days. TD of 2916m MD (1687m TVD) on January 23, 2014. » High-angle deviated well from the AT-1 well pad (max. hole angle attained 82 degrees) demonstrated viability of developing field despite limited surface accessibility. Average hole angle through reservoir section approx. 50 degrees. » Bottomhole location approx. 2.16km SE of surface location and 1.85km SW of AT-2. » Reached Jurassic reservoir ~72m higher than AT-1. Oil shows to depth of the expected OWC/FWL ca. -420m. Estimated gross vertical oil column ~580m. » Highest reported rates totalling 9059 bopd of 27-28° API from two tests.**

AT-4 Well Testing

» Well suspended as a producer for Phase 1. *Refer to Appendix 1 for changes in nomenclature. ** Reported test rates are not indicative of maximum production capability, long-term performance, or possible rates to the production facilities which will be determined by future reservoir performance and reservoir management policies. Well test data and fluid analysis ongoing.

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Atrush--4: Well Test Summary & Update Atrush

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Well was flowed at various limited rates for short periods using ESP following a specific data gathering program for the purposes of obtaining maximum quality surface samples (for crude assay), downhole fluid samples (for PVT) and reservoir flow characteristics/properties*. In addition, pressure gauges were run in AT-2 to monitor interference during DST #2 & DST #3. DST #1 (2600-2612m MD: (Top -273m msl) – Interval selected for fluid sampling only (not flow testing). » Formation tight. DST #2 (72m of perforations over three intervals between 2194m and 2410m MD (Top -15m msl) in the Barsarin/Naokelekan**) » Interval flowed at various rates. Highest reported rates-3804 bopd. Oil API = 27° (surface measurements). Provisional lab results (average of 2 samples): 26.13° API, GOR 356 scf/bbl, closely matching same depth interval tested by AT-1 (DST#8). Samples quality good . DST #3 (83m of perforations over three intervals between 1875m and 1995m MD (Top +150m msl) in the Barsarin/Naokelekan**) » Interval flowed at various rates. Total fluids flowed 4724 bbls at rates up to 5255 bopd. Time av. GOR (final 24 hrs of test) = 247 scf/bbl (low GOR confirms no proximity to a gas cap). Oil API = 28° (surface measurements). Early lab results: pending. Interference with AT-2 » Despite the limited flow testing during DST #2 & DST #3 a pressure response was seen “instantaneously” in the AT-2 well, indicating a high level of reservoir connectivity through the fracture system (initially confirmed by successful AT-1/AT-2 interference test in 2013). Provisional well test analysis of both tests also indicates no pressure barriers. The AT-2 well is situated approx. 2km NE from the two DST intervals.

* Reported test rates are not indicative of maximum production capability, long-term performance, or possible rates to the production facilities which will be determined by future reservoir performance and reservoir management policies. Data analysis continues. **2014 Revised Jurassic stratigraphy. Refer to Technical Appendix for changes in nomenclature.

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Overall FDP Philosophy

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» Atrush field development will be implemented using a phased, modular, expandable and value accretive process (Chiya Khere facilities*). » Development initiated on the West/Central portion of the block leveraging knowledge from the AT-1 and AT-2 exploration and appraisal wells. » A regional characterization of the reservoir will be pursued to support further surface facilities and infrastructure development. Work plans will address uncertainties and assess/capture upside potential of other reservoirs. » Subsequent phased development will target the eastern portion of the block, and expand both western and eastern production facilities.

*Refer to Technical Appendix for changes in nomenclature.

Source: TAQA

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Atrush Block – Phase 1 Development Summary

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» Modular concept, with provision included to expand and replicate. Capable of handling oil rates of 30,000 bopd, initially. » Maximize gas utilization in initial facility. Minimize sour gas flaring and provisions for future sulphur recovery, power generation, etc. » Single/dedicated feeder pipeline between Atrush and tie-in point at KCP2 (Kurdistan Crude Pipeline pumping station #2) at km92 on the KRG Khurmala–Fishkabur export line planned. Final route being finalised. » Pipeline FEED awarded to ILF/KAR.

*Refer to Technical Appendix for changes in nomenclature.

Civil construction at Chiya Khere* (Phase 1 facilities) in progress. Source: TAQA

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Atrush Development - Phase 1a Chiya Khere Facility

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FEED study Completed ITT issued & evaluated Modules/Civils contracts awarded Completion & testing of 2nd producer (AT-4). Drill 3rd & 4th producers. Completion of civil engineering Delivery of facilities modules. Construction of pipeline Installation & commissioning Completion of pre-drilled producers FP1 full production (30,000 bopd)

Planned gas handling & sulphur Treatment upgrades to FP1

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Indicative 2014/2015 Atrush Block Well Program (1)

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Rig program has been optimized to minimise rig moves and avoid “simops” during the production phase, thereby reducing operational time and cost. The revision also brings forward one of the planned producers from 2015 into 2014 accelerating both available production and reservoir data gathering. Plan subject to final approvals. •

Revised drilling schedule for the DQE#31: CK-5 (Phase 1 producer) being drilled from the AT-1/AT-4 well pad: •

Well spudded on 16th May 2014. Replaces AT-1 in the production well spacing. Top reservoir target about 400m SW of surface location.

CK-8 (Producer) likely to follow CK-5 from the AT-1/AT-4/CK-5 well pad: • •

Brought forward while rig on pad. Top reservoir target about 500m SE of surface location. Location ready and conductor already installed.

Map Source: TAQA

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Indicative 2014/2015 Atrush Block Well Program (2)

•

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Revised drilling schedule (plans to bring a new rig subject to contract): CK-6 (Phase 2 appraisal): •

To be drilled SE from the AT-3 pad following mobilisation of replacement rig. Likely mobilization July/August 2014.

AT-3 re-entry/re-test (part of Phase 2 appraisal): •

Complete the original testing program with optimised testing equipment and demulsifying chemicals.

CK-7 (Phase 2 appraisal): • •

•

Well to drilled in early 2015 . Situated mid-way between AT-2 & AT-3, a successful well will be tied-back to the Phase 1 facility*.

Service rig: •

“Just in time” final completion of producers (AT-2, AT-4, CK-5, CK-8 (& CK-7*)) as required during facilities commissioning.

Map Source: TAQA

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Atrush Block – YE 2013 PIIP

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PIIP (MMB Crude Oil)*

P90

P50

P10

YE 2012

1843

2686

3999

YE 2013

2469

3016

3796

YOY Change

+34%

+30%

-5%

*YE2013 McDaniel & Associates, in accordance with standards set out in the Canadian National Instrument NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (COGEH).

Note: Changes in Petroleum Initially in Place (PIIP) are primarily due to the result of the AT-3 well. AT-3 pushed the Deepest Proven Oil (DPO) down approx. ~180m, to the point where the uncertainty on the FWL/OWC is reduced to just 90m.

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Atrush Block – Reserves & Resource Summary

Gross Reserves* (MMBOE) YE 2013 (Phase One, 3 wells only)

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» ShaMaran has completed the 3D seismic interpretation showing the potential upside:

1P

2P

3P

30.6

58.2

110.7

» Chiya Khere Footwall: Cretaceous, Jurassic & Triassic Kurra Chine;

Gross Contingent Resources* (MMBOE)

1C

2C

3C

» Chiya Khere Hanging Wall: Triassic (Kurra Chine A/B updip of AT-1 & Kurra Chine C)

YE 2011

275

465

813

» Extension of Swara Tika discovery into northern part of the Atrush block at all levels;

YE 2012

404

627

982

YE 2013 **

403

518

646

» Upside drilling likely to commence after Phase 1 production and built in to current well drilling where practical. » CPR audit of new mapping completed for Prospective Resources report at YE 2013*.

Gross Prospective Resources* (MMBOE)

Low

Best

Mean

High

YE 2011

74

134

146

235

YE 2012 (some PR moved to CR)

41

96

121

233

YE 2013 (based on 3D mapping)

121

173

180

247

* YE2013 McDaniel & Associates. In accordance with standards set out in the Canadian National Instrument NI 51-101 and the Canadian Oil and Gas Evaluation Handbook (COGEH). ** YE 2013 Contingent Resources are the remainder after Phase 1 Reserves have been deducted. Details can be found in filings on sedar.com

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Corporate Financial Position

» Cash Position* Mar 31, 2014:

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$ 122 MM

» Forecasted Expenditure Apr-Dec 2014:

› Atrush CAPEX Budget**

$65 MM

› Debt Service / Other Costs

$22 MM

Total:

$87 MM

*Includes $34.5mm of cash restricted for first 24 months' debt service. ** Amount is net to ShaMaran at 20.1% working interest.

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The Lundin Group

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Combined Market Cap >$13.3 Billion

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Corporate Profile

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SNM Share PRICE : TSX.V

» Symbol TSX V & NASDAQ OMX First North: SNM » Share Capital » Issued and outstanding:

810,983,860 shares

» Fully diluted

819,247,194 shares

» Market Capitalisation ( 12th May 2014) » CDN $ 325 MM Trading Information

» Major Shareholders » Lorito Holdings S.a.r.l.

: 6.1%

» NASDAQ OMX Stockholm » 2013 total volume: 1.1 billion shares

» Zebra Holdings and Investments S.a.r.l : 13.7% » Columbia Wanger

: 8.6%

» Lundin Petroleum

: 6.2%

» Directors /Management

: 0.05%

» 2013 average daily volume: 4.39 million shares » Toronto Venture Exchange TSX.V » 2013 total volume: 125 million shares » 2013 average daily volume: 0.5 million shares

www.shamaranpetroleum.com A Lundin Group Company

Technical Appendices & References A Lundin Group Company

2014 Changes in Atrush Block Nomenclature

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The Atrush Management Committee and MNR confirmed the following changes to terminology used with respect to activity on the Atrush Block, effective from 2014: » “Atrush Block”, “Atrush PSC” & “Atrush Field” remain unchanged. » The structure (previously referred to as the “Atrush structure”) is renamed after the Chiya Khere mountain, i.e. the Chiya Khere structure. » The production facilities will be known as the Chiya Khere facilities. » All future wells will remain sequential but will be referred to as “Chiya Khere”, short-form “CK”, from well #5. » Historic wells, AT-1 through AT-4, will remain with their original nomenclature. » All ShaMaran documents and public information will now reflect this change.

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Atrush Block – Historic Wells Summary

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» AT-1: Discovery well with indicative large volumes but large volumetric uncertainty. ~510m gross oil column in well with nearly 400m of uncertainty on Free Water Level (FWL). Test rates limited by gas lift but high reservoir production potential demonstrated. » AT-2: Appraisal well that reduced volumetric uncertainty and proved physical high reservoir deliverability with ESP. Confirmed deeper Jurassic formations as productive (additional discovery). ~410m gross oil column in well with nearly 300m of remaining uncertainty on FWL. Deepest Proven Oil (DPO) -230m msl*. » AT-3: Flank appraisal well targeting FWL. Result considerably reduced the downside volumetric uncertainty (increased P90 PIIP by 34%) and confirmed a gradational oil column. Testing incomplete due to creation of emulsion**. ~245m gross oil column in well with remaining uncertainty on FWL reduced to 90m. Deepest Proven Oil (DPO) -408m msl*.

AT-2 DST#5

Interference test between AT 1 and AT-2 » Dedicated interference test conducted between AT 1 and AT 2 wells.Test showed that both wells are highly connected. * Depths revised following 2013 resurvey of wells (column heights based on assumed highest FWL of -420m msl). ** PVT samples pending planned retesting later in 2014.

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Atrush Discovery – Reservoir Description

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Barsarin

» A single reservoir comprised of stacked formations of Jurassic age: (Barsarin, Naokelekan, Upper & Lower Sargelu, Alan & Mus)*.

Naokelekan

Upper Sargelu

» Massive & interbedded carbonates: Type-I (fracture porosity being the main storage medium) & Type-II (mix of fracture & matrix porosity).

Lower Sargelu

» Multi-Darcy reservoir permeability from extensive fracture systems can provide well PIs between 250 & 550 bbls/day per psi of drawdown. Single zone tested up to 15,000 bopd with ESP (facilities constrained)**.

Alan

» PVT data from AT-1 & AT-2 suggests a single oil column in with a compositional gradient. PVT sampling in AT-3 planned during scheduled retest and AT-4 PVT ongoing.

Mus

Butmah

*Revised 2014 Jurassic stratigraphy (Refer to Appendix 2). Subject to change as regional nomenclature is developed. Not all operators use the same stratigraphy or terminology. ** Reported test rates are not indicative of maximum production capability, long-term performance, or possible rates to the production facilities which will be determined by future reservoir performance and reservoir management policies.

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2014 Changes in Jurassic Stratigraphic Nomenclature Pre-2014 Nomenclature Barsarin

Lithology Predominantly anhydrite with fractured carbonates

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Revised Nomenclature Barsarin < Atrush Jurassic reservoir section

Sargelu

Fractured organic-rich carbonates (source rock)

Naokelekan

Alan

Interbedded fractured matrix carbonates

Upper Sargelu

Mus

Fractured matrix carbonate

Lower Sargelu

Adaiyah

Anhydrite with interbedded fractured matrix carbonates

Alan

Upper Butmah / Butmah I (CPR)

Matrix/Fractured carbonates

Mus

Lower Butmah

Predominantly tight fractured carbonates

Butmah

• Based on regional information and data exchange. • Used by the majority of operators and JVs in northern Kurdistan. • Supported by biostratigraphic studies and LSI* definitions. • Lithology boundary picks remain unchanged. • “Jurassic reservoir” replacing abbreviations “BSAM-AB”. • SNM material adopting revised regional nomenclature in 2014 *LSI: Lexique Stratigraphique International

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Chiya Khere Structure – Nearby Analogues

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Seismic cross-sections through Sheikh Adi (above) & Bakrman (below)

Hanging wall / Footwall configuration at Sheikh Adi

Sheikh Adi is situated on trend to and just west of the Chiya Khere structure on the Atrush block. Bakrman is situated on trend to and just east of the Chiya Khere structure. Both neighbouring discoveries have a proven structural configuration from well data providing hanging wall and footwall structures, similar to ShaMaran’s current structural interpretation for Chiya Khere. Data sourced from GKP website and document “Competent Person’s Report on Certain Petroleum Interests of Gulf Keystone Petroleum and its Subsidiaries in Kurdistan, Iraq” (ERC Equipoise Ltd., March 2014).

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Cautionary Statements

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This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. References to regional and un-related company oil resources are sourced from industry and other websites. References to resource volume potential and potential flow rates are for general information only and are subject to confirmation. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information. Test results are not necessarily indicative of long-term performance or of ultimate recovery.

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