Le Lézard
Classified in: Oil industry
Subject: OIL/GAS EXPLORATION UPDATE

ShaMaran Announces Atrush Oil Sales Agreement Signed



VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 29, 2017) - ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the "Company") is pleased to report that an agreement for the sale of Atrush oil has been signed between Taqa Atrush BV. (on behalf of the Atrush co-venturers) and the Kurdistan Regional Government ("KRG"). Under the agreement, the KRG will buy oil exported from the Atrush field by pipeline at the Atrush block boundary based upon the Dated Brent oil price minus approximately $16/bbl for quality discount and all local and international transportation costs. This discount is based on the same principles as other oil sales agreements in the Kurdistan Region of Iraq.

Furthermore, we are pleased to report that Atrush has achieved regular export of more than 22,000 barrels of oil equivalent per day. Production is expected to ramp up in 2017 to the facilities' design capacity of 30,000 barrels of oil equivalent per day. 

Chris Bruijnzeels, President and CEO of ShaMaran, commented "I am very glad that we concluded the Sales Agreement with the KRG, which allows us to proceed with invoicing for oil exported from the Atrush field. Furthermore Atrush is performing according to expectations and production ramp up in Atrush is going according to plan."

OTHER

This is information that ShaMaran Petroleum Corp. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, by the persons below at 8:00 a.m. Toronto Time on September 29, 2017.

ABOUT SHAMARAN

ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the Atrush oil discovery. The Atrush Block is currently undergoing an appraisal and development campaign.

ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ First North Exchange (Stockholm) under the symbol "SNM". 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. Pareto Securities AB is the Company's Certified Advisor on NASDAQ First North.

FORWARD LOOKING STATEMENTS

This news release contains statements and information 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. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking information. Forward-looking information typically contains statements with words such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "outlook", "budget" or the negative of those terms or similar words suggesting future outcomes. The Company cautions readers regarding the reliance placed by them on forward?looking information as by its nature, it is based on current expectations regarding future events that involve a number of assumptions, inherent risks and uncertainties, which could cause actual results to differ materially from those anticipated by the Company.

Actual results may differ materially from those projected by management. 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.


These press releases may also interest you

at 07:01
All four of the Vogtle Co-Owners (Georgia Power, MEAG Power, Dalton Utilities and Oglethorpe Power) have agreed to extend Tuesday's 11:30 p.m. (EDT) voting deadline to Wednesday at 5 p.m. (EDT) in order to finalize details of an agreement among the...

at 07:00
As fall approaches, it's time for Ritchie Bros.' agricultural auction team to head back out on the road to conduct on-the-farm auctions across Western Canada and down into the United States. Over the next couple of months Ritchie Bros. will sell more...

at 07:00
McDermott International, Inc. announced today it received full notice to proceed (FNTP) from Entergy Texas, Inc. on the Montgomery County Power Station (MCPS), a 993-megawatt combined-cycle natural gas power plant in Willis, Texas. The substantial*...

at 07:00
Reveal Energy Services announces today the United States Patent and Trademark Office (USPTO) has granted Equinor (previously known as Statoil) two patents that protect the science underlying IMAGE Fractm technology licensed exclusively to Reveal...

at 06:30
CenterPoint Energy, Inc. today announced the pricing of its concurrent underwritten public offerings of approximately $1,650,000,000 of shares of common stock at a price of $27.25 per share and 17,000,000 depositary shares, each representing a...

at 04:32
Despite the different solutions available for the industry to comply with the impending 2020 Sulphur Cap, there is still no consensus from the industry on which works best for the long-run. This is outlined by industry experts in a newly-launched Sea...




News published on 29 september 2017 at 08:03 and distributed by: