VANCOUVER, BC, Aug. 7, 2024
/CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the
"Company") (TSXV: SNM) (Nasdaq First North: SNM) has closed the
acquisition of TAQA Atrush B.V. and the subsequent sale of an
indirect interest in Atrush to HKN Energy IV, Ltd. announced on
January 22, 2024. The two-step
transaction increased the Company's indirect 27.6% stake in the
Atrush Block to a 50% working interest (66.67% paying interest)
following the sale of an indirect 25% working interest (33.33%
paying interest) to HKN Energy IV, Ltd. An affiliate of HKN Energy
is now operator of the Atrush Block, and the Kurdistan Regional
Government's 25% working interest in the Atrush Block has been
converted to a carried interest. View PDF
Garrett Soden, President and CEO
of ShaMaran, commented: "The closing of the Atrush transaction with
TAQA and HKN advances our consolidation strategy in Kurdistan. We expect to increase production at
Atrush and achieve significant synergies between the adjoining
Atrush and Sarsang blocks with HKN as operator of both
blocks. We thank TAQA, the Kurdistan Regional Government and
HKN for their tireless efforts to close this 'win-win' transaction
for all parties."
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian independent oil and gas company focused
on the Kurdistan region of
Iraq. The Company indirectly holds
an 18% working interest (22.5% paying interest) in the Sarsang
Block and a 50% working interest (66.67% paying interest) in the
Atrush Block. The Company is listed in Toronto on the TSX Venture Exchange and in
Stockholm on Nasdaq First North
Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group
of Companies.
Important Information
ShaMaran is obliged to make this information public pursuant
to the EU Market Abuse Regulation. This information was submitted
for publication through the agency of the contact person set out
below on August 7, 2024, at 1:00
a.m. Eastern Time.
The Company's certified advisor on Nasdaq First North Growth
Market is FNCA Sweden AB.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects and
opportunities, which are based on assumptions of
management.
The use of any of the words "will", "expected", "planned" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of certain future events.
Certain information set forth in this news release contains
forward-looking statements including, but not limited to,
expectations and timing of the ITP reopening and its effect on the
Company, expected increase in production in Sarsang and Atrush and
the impact of the increase on the Company's indirect working
interest in the Atrush Block. These forward-looking statements
involve risks and uncertainties relating to, among other things,
changes in oil prices, results of exploration and development
activities, including results, timing and costs of seismic,
drilling and development related activity in the Company's area of
operations, uninsured risks, regulatory changes, defects in title,
availability of funds required to participate in the development
activities, availability of financing on reasonable terms,
availability of materials and equipment on satisfactory terms,
outcome of commercial negotiations with government and other
regulatory authorities, timeliness of government or other
regulatory approvals, actual performance of facilities,
availability of third party service providers, equipment and
processes relative to specifications and expectations and
unanticipated environmental impacts on operations. The risks
outlined above should not be construed as exhaustive. Additional
information on these and other factors that could affect the
Company's operations and financial results are included in the
Company's annual information form for the year ended December 31, 2023, and other reports on file with
the Canadian Securities Regulatory Authorities that can be accessed
on the Company's profile on SEDAR+. Actual future results may
differ materially. Various assumptions or factors are typically
applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. With respect to
the forward-looking statements in this news release, the Company
has made assumptions regarding, among other things, local sales
demand and prices, the timing and conditions to the reopening of
the ITP, future oil and gas prices and that the Company will
continue to raise sufficient capital to fund its operations. Those
assumptions and factors are based on information currently
available to the Company. The forward-looking information contained
in this release is made as of the date hereof, and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information.
Neither 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.
SOURCE ShaMaran Petroleum Corp.