ShaMaran Petroleum

ShaMaran Petroleum Corp. is a Canadian independent oil development and exploration company.[2] The company listed on the TSX Venture Exchange and the Nasdaq First North Growth Market (Stockholm) under the symbol "SNM". Founded in 2009, the Company is part of the Lundin Group, a group of individually managed public companies focused on the resource sector.[3]

ShaMaran Petroleum Corp.
TypePublic
TSX-V: SNM
Nasdaq First North: SNM
IndustryOil and gas
FoundedOctober 3, 1991 (1991-10-03)[1]
Headquarters
Vancouver
,
Canada
Key people
Garrett Soden
(President and CEO)
ProductsPetroleum
Natural gas
Websitewww.shamaranpetroleum.com

Overview

The company is headquartered in Vancouver, British Columbia.[4] ShaMaran Petroleum began trading under the TSX Venture Exchange and started trading on Nasdaq Nordic First North Growth Market (Sweden) in June 2011 under the symbol "SNM". The dual listing made it one of First North's largest companies.[5]

ShaMaran has a 27.6 percent interest in the Atrush Block production sharing contract, which is located in the Kurdistan Region of Iraq. It was first discovered in 2011 and oil production started in 2017. At that time, the company had announced that Kurdistan region could produce hundreds of millions of barrels of oil.[6] [7]

Atrush Oil Field

The company has a 27.6% interest in the Atrush Oil Field.[8] Atrush oil field’s production was approximately 41,273 barrels of oil per day in the 3rd quarter of 2021; The 3rd quarter lifting cost of $4.34 per barrel is an improvement to the 2021 guidance and a decrease versus 2021’s 2nd quarter due to operating efficiencies. The third quarter of 2021 lifting costs per barrel of $4.34 is an improvement to the 2021 guidance and a 3% decrease vs second quarter 2021 lifting costs as a result of operating efficiencies. [9][10]

Finances

Atrush produced an EBITDAX result of $16 million for the 3rd quarter of 2021. 9 months of 2021 totaled $48 million, over 3 times the EBITDAX of the same timeframe in 2020. The KRG continues to repay the $41.7 million of outstanding receivables from November 2019 to February 2020. At the date of this news release $20.8 million has been invoiced to the KRG and $15.8 million paid. The Company is in discussions with the KRG to offset the $6.4 million production bonus against the outstanding receivables owed to the Company.[10]

Sarsang Acquisition

On July 12, 2021, ShaMaran signed an agreement with a subsidiary of TotalEnergies S.E. for the acquisition of TEPKRI. Under the deal, ShaMaran will purchase a 100% stake in TotalEnergies subsidiary TEPKRI Sarsang, which holds production sharing contract (PSC) interest in the Sarsang block.

The Sarsang license is expected to add around 5,000 barrels per day of light crude oil. Once the processing facility expansion is completed at the Swara Tika field, ShaMaran’s Q2 2021 average net production of around 11,090bpd is expected to double in the second half of the same year.[11]

See also

References
  1. "ShaMaran Petroleum Corp. - Company Spotlight Profile". Companyspotlight.com. Retrieved 12 August 2018.
  2. "Company Description" (PDF). Archived from the original (PDF) on 2016-03-03. Retrieved 2013-03-30.
  3. "ShaMaran Announces Changes in Senior Management and Directors". Bloomberg News. 15 May 2019. Retrieved 2022-03-08.
  4. "ShaMaran Announces Changes in Senior Management and Directors". Bloomberg News. 15 May 2019. Retrieved 2022-03-08.
  5. "NASDAQ OMX Welcomes ShaMaran Petroleum to First North". NBC News. 22 June 2011. Retrieved 2022-03-08.
  6. "ShaMaran Petroleum Corp.: ShaMaran Achieves 40 Million Barrels Atrush Oil Production and January Interest Payment Timely Paid in Full". Retrieved 2022-03-10.
  7. "Massive new Iraq oil well could make UT System regent a billionaire". Retrieved 2022-03-10.
  8. "2019 Annual Report" (PDF). ShaMaran Petroleum. December 31, 2019. Retrieved 17 February 2022.
  9. "ShaMaran Reports Record Oil Sales Quarterly Revenues". Retrieved February 15, 2021.
  10. "ShaMaran Reports Record Oil Sales Quarterly Revenues". Bloomberg News. Retrieved February 15, 2021.
  11. "ShaMaran to acquire TotalEnergies' stake in Sarsang licence in Iraq". Retrieved February 15, 2021.
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