ShaMaran Petroleum Corp. announced that it has signed an agreement with a subsidiary of TotalEnergies S.E. to acquire its affiliate (TEPKRI Sarsang A/S) holding an 18% non-operated participating interest in the Sarsang Production Sharing Contract (the "Sarsang PSC") in the Kurdistan Region of Iraq (the "Acquisition") for an initial consideration of USD 155 million plus working capital adjustments amounting to USD 14.2 million as of January 1, 2021. Adds immediate incremental participating interest production of approximately 5,000 bopd of light crude oil; Is expected to double ShaMaran's second quarter of 2021 average net production of 11,090 bopd following the completion of the processing facility expansion at Swara Tika field by mid-2022; Enhances ShaMaran's oil reserves through the addition of high API and low sulphur oil that achieves a low discount to Brent; and Provides a low cost structure with life-of-field operating expenditure anticipated to be approximately USD 5.60/boe. Additionally, the Sarsang crude is of high quality and enjoys one of the lowest price discounts to Brent in Kurdistan. In connection with the new facility being commissioned by mid-2022, the Sarsang block will also be connected to the Atrush feeder pipeline for future pipeline export and will thereby have a permanent pipeline connection to the export market.