Exploration & Development in Kurdistan November, 2011

A Lundin Group Company 2

In the Heart of the Middle East: Kurdistan 3

Sources:

* BP Statistical Review 2010

** Dr. Ashti Hawrami, Minister for Natural Resources, KRG

» Over 55% of the World’s oil reserves

are in the Middle East *

» Kurdistan region is projected to have

70 billion barrels of oil reserves and

200 TCM of gas**

» Kurdistan is the only region in the

Middle East which is open to industry

with good commercial terms

Kurdistan

ShaMaran in the Land of the Giants 4

Pursuing Exploration, Appraisal & Development Opportunities.....

.....in one of the World’s most prolific petroleum provinces

Kurdistan in Earliest Phase of Exploration

» Less than 10 exploration wells drilled in

Kurdistan prior to 2006 due to politics and predominance of Kirkuk

» Prior drilling based on surface anticlines and seeps - no seismic

» 25 wells drilled in the last 5 years with over 70% success rate for finding oil

5 5

Legend

Oil Field Gas Field Prospect

KURDISTAN

Additional Industry Interest Imminent 6

Oklahoma Land Rush, April 1889

» Most of the prospective acreage has been taken up

» Largest oil companies working in the south are not working in

Kurdistan

» Passing of the Oil & Gas Law would spark a significant

additional interest in Kurdistan

» New entrants will have to pay a huge premium to get into

Kurdistan

» Consolidation has commenced: Several recent deals (Afren,

Hess, Maersk Oil, Oryx, Repsol, PetroCeltic, Genel/Vallares)

Kurdistan

Asset Summary

* Held through a 33.5% interest in General Exploration

Partners Inc. (GEP)

** Formerly known as Block K42

7

ShaMaran has one of the best acreage

positions in Kurdistan:

» Pulkhana oilfield appraisal / development

» Atrush world class oil discovery

» Two high potential exploration blocks

Map showing current and near future well activity

7

Block

ShaMaran

Working

Interest

Partners

Operator

Gross

Acres

Status

Pulkhana 60% Petoil 20%, KRG 20% ShaMaran 130,862 Appraisal & Development

Arbat 60% KRG 20% + 20% ShaMaran 240,549 Exploration

Taza** 20% Oil Search 60%, KRG

20%

Oil Search 124,784 Exploration

Atrush* 26.8%* Aspect Energy 53.2%,

Marathon 20%

GEP* 66,469 Exploration / Discovery

The Opportunity 8

» Experienced management team with Kurdistan experience

» Financial strength

» Execution excellence

» Structuring to become the leading oil company in KRG

»Extremely attractive exploration acreage in KRG

»Billion+ barrel PIIP potential

»Aggressive drilling program to commence by year end

»Major new discovery with upside

»Plans for an aggressive appraisal / programme including an EPS

»3D seismic in progress

»Capacity to be a world class producer on development

Pulkhana Atrush

New Ventures

Taza / Arbat

Exploration

» Previous discovery on block

»Significant contingent resources + upside

»Appraisal and workover drilling

»Early production system (EPS)

being implemented

»Potential production of

up to 10kbopd within

12 months*

Existing

Discoveries

Growth

*Internal estimate

Atrush Update 9

» Gross oil column of over 700 meters. 120 meters net matrix in the Jurassic with additional 140 meters potential net pay in Jurassic Butmah and Cretaceous

» Atrush-1 tested over 6000 bopd (from three Jurassic horizons, equipment constrained). Potential for flow rates >15,000 bopd* (PI > 200 bpd/psi)

» Possible upside in the sub-thrust trap and extension of Swara Tika discovery into the Atrush block

» Approved Appraisal Work Programme:

» Post-discovery 3D seismic acquisition in progress

» Atrush-2 appraisal well location under construction (Q2 2012 spud)

» Planning EPF for long-term testing

» Planning recompletion of Atrush-1

*Internal estimate based on engineering data

Atrush-1 Mus Formation Test (March 2011)

Atrush 3D Seismic Acquisition 10

Drilling seismic shot holes on the slopes

Vibroseis Acquisition in front of the Atrush feature

Atrush-1 Jurassic Oil Discovery 11

Atrush discovery

Gross Volumetrics* (MMBO) Low

(1C)

Best

(2C)

High

(3C)

Discovered Jurassic STOIIP 1075 1423 1891

Contingent Resources 161 355 661

* Post-Drill Evaluation, August 2011 (RPS Energy for GEP)

Gross Prospective Resources*

(MMBO)

Low

(1C)

Best

(2C)

High

(3C)

Cretaceous STOIIP 15 208 451

Jurassic STOIIP 125 220 416

Footwall STOIIP 9 59 196

Cretaceous Resources 3 62 180

Jurassic Resources 19 55 146

Footwall Resources 1 15 69

12 Pulkhana Oilfield

» Legacy discovery on trend to major fields in the area (tested 2,950 bopd from two horizons in Pulkhana-5 in 1956)

» Awarded as a field appraisal / development project. One of the four PSCs awarded prior to permanent Iraq constitution

One of the many oil seeps on the Pulkhana structure

Jambur 1.2 BBO

Kirkuk 26 BBO

Pulkhana

1956 well tested

>2,900 bopd oil

13 Pulkhana Update: PLK-8RE

» Legacy well PLK-8 tested oil from the Shiranish at 2500-3500 bopd

» Much improved rates from the 1957 & 2006 tests (av. 600-700 bopd) despite debris and mud losses from 2006 drilling

» Significant fracture system providing high deliverability

» Better Shiranish oil quality than expected (31.6 deg API, low gas and very low H2S content)

» Successfully drilled additional 60m reservoir section

» Planning for well to be connected to Early Production Facility during 2012

PLK-8RE Testing Shiranish formation (October 2011)

13

14 Pulkhana Upside Revealed in PLK-9

» Significant upside of over 500+ MMB PIIP* (additional potential in the north & in deeper zones and along the fault trend)

» Post-test confirmation of pre-existing proven

» Euphrates (120m potential gross column)

» Shiranish (no contact confirmed)

» Additional potential

» Oil in Eocene Jaddala (31-34° API oil, (140m gross oil column, Oil Down To)

» Dhiban (based on logs)

» Balambo (380m potential gross column with oil shows to well TD)

» Untested deeper potential in Jurassic

» Pulkhana-9 geological sidetrack in progress to retest the Cretaceous sections openhole

14

Abundant oil over shakers while

drilling PLK-9 (Balambo

formation)

Testing Shiranish in

Pulkhana-8RE

*Internal estimates based on 2D seismic

Arbat Update

A B

C

D

E

F

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» High potential exploration block (over 930 km2 with active petroleum system – surface seeps)

» Two prospects (Potential PIIP 600 MMB*):

» Arbat-A: Main prospect (Arbat-1) – regional Jurassic & Triassic reservoirs

» Arbat-B: Shallow Cretaceous prospect (success could prove the shallow Cretaceous play in the block)

» Four major leads with significant mean resource potential in excess of 2.2 billion barrels PIIP**

» Acquisition of up to 200 kms of infill 2D seismic in progress to firm up the leads

» Arbat-A well location approved with start of civil engineering imminent

Arbat

*McDaniel & Associates ; **Internal estimates based on 2D seismic and regional reservoir properties

Arbat Structural Leads – Large Surface Anticlines 16

3 large surface anticlines:

» Lead E has closure in dip direction – Strike direction to be determined by new seismic

» Lead F has closure in strike direction – Dip direction to be determined by new seismic

» Possible closure in front of Lead E (similar to Arbat A prospect)

17 Taza Update

» Option agreement converted to PSC

» Significant drillable 4-way dip-closed prospect

identified on trend to Jambur (1.2 BBO) and

Sarqala (WZR)

» Presence of surface oil seep and proven oil on

trend increases chance for oil rather than gas

» Planning underway to drill an exploration well in

Q1/Q2 2012 – PTD ~3400m MD

» High flow rates in excess of 9000 bopd from

ontrend Sarqala well (Jeribe Fm) provides

optimism for main Jeribe target

One of the Taza Block Oil Seeps

K42

*2011 Operator estimates for Jeribe, Euphrates & Shiranish only

18 Taza Prospect

» Five regional reservoir targets: Jeribe,

Euphrates/Serikagni, Kirkuk Group, Jaddala and

Shiranish

» Estimated mean recoverable oil of 545 million

barrels, with billion barrel potential*

» Internal & Third party audit of all potential

reservoirs ongoing (due year end)

Taza Prospect

*2011 Operator /Internal estimates for Jeribe, Euphrates & Shiranish oil only case

A

A’

A

A’

Gross Prospective Resources*

(MMBO)

Mean Low

(1C)

Best

(2C)

High

(3C)

Oil Only case 586 94 460 1106

Converting Resources to Reserves 19

Aggressive Schedule:

Subject to partner and Government approval

Key Issues / Risks

Politics: » Moving in the right direction. Petroleum Law in Parliament

» Baghdad & Erbil working towards resolutions of issues

» Cost recovery payments on exports from Kurdistan a major

milestone

Gas vs. Oil: » Two assets (Pulkhana & Atrush) are oil only

» Increasing evidence that the two exploration blocks are

outside of the main gas-risk fairway

Drilling Operations: » Technical & managerial staff with multi-well (10+) and 5+

years Kurdistan experience

» Atrush drilled on time and within budget

» Pulkhana reservoirs significantly shallower than

neighbouring blocks that experienced operating difficulties in

the south

» First operated well drilled within budget. Geological sidetrack

in progress

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Area that appears more gas prone

(SNM blocks outside of region)

Building Value 21

Valuations are difficult due to lack of pure or publicised transactions

Internal estimated value of Contingent Resources / 2P reserves in the range of $4-$8 per barrel

*McDaniel & Associates (2010 Report) / RPS Energy (post-drill Atrush-1)

Lundin Group Track Record for Shareholder Return 22

Company 2002 Present Notes

Tanganyika $0.55/share $13.5 million MC

$31.50/share $1.9 billion MC

Sold to Sinopec 2008

Valkyries $0.45/share $4 million MC

$16.00/share $750 million MC

Sold to Lundin Petroleum 2006

Red Back $1.35/share (2000) $45.4 million MC

$30.50/share $8.98 billion MC

Sold to Kinross in 2010

Lundin Petroleum U $0.41/share U $101 million MC

$19.00/share

US $6.2 billion MC

+ Enquest spin off US$1.2 billion MC

Active

BlackPearl $0.25/share $2.1 million MC

$3.79/share $1.1 billion MC

Active

NGEx Resources $0.40/share $33.8 million MC

$2.78/share $421 million MC

Active

Lundin Mining $0.60/share $4.6 million MC

$3.91/share $2.34 billion MC

Active

Health, Safety & Environment (HSE)

» Good working relationship with local authorities, communities in the area

» Excellent Corporate HSE record

» No security incidents in the area of operations

» Targeted CSR projects have created goodwill in the area

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Key Points 24

»One of the best acreage positions in one of most prospective areas in the world

»Size potential of SNM’s projects similar to recent discoveries in Kurdistan

»Cash >$ 25 million

»Mean unrisked PIIP (gross) in excess of 3.3 billion barrels in four projects*

» Two discoveries and two high potential exploration plays

»Early production systems in planning stage to allow future exploration / appraisal activity to

be funded from cash flow

»Significant industry interest imminent from major players currently operating in the south. A

number of high-profile deals announced in recent months

*McDaniel & Associates / RPS Energy

Profile & Contacts

» Symbol TSX V: SNM

» Share Capital

Issued and outstanding 680,483,860 shares

Fully diluted 683,717,194 shares

» Directors and Management

» Keith Hill, Chairman of the Board

» Pradeep Kabra, Director, President and CEO

» Brenden Johnstone, CFO

» Mark Grace, Exploration Manager

» Serge Manciet, Drilling Manager

» J. Cameron Bailey, Director

» Alex Schneiter, Director

» Gary Guidry, Director

» Brian Edgar, Director

» ShaMaran Petroleum Corp

Pradeep Kabra, President & CEO

5 Chemin de la Pallanterie

1222 Vésenaz

Geneva

Switzerland

Tel: +41 22 560 8600

Fax: +41 22 560 8601

Email: pradeep.kabra@shamaranpetroleum.com

» Investor Relations

Sophia Shane

Namdo Management Services

Suite 2000

885 West Georgia Street

Vancouver, BC, Canada V6C 3E8

Tel: +1 604 689 7842

Fax: +1 604 689 4250

Email: sophias@namdo.com

www.shamaranpetroleum.com

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26 Cautionary Statements

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.