VANCOUVER, BC, Jan. 5, 2021 /CNW/ - ShaMaran Petroleum
Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First
North Growth Market: SNM) is pleased to announce that the
January 2021 interest payment due on
its 12% senior unsecured bonds due 2023 (ISIN: NO 001082645.6) has
been timely made to all Bondholders. View PDF version
In addition, ShaMaran is also pleased to announce that the
Atrush field total cumulative crude oil production has exceeded 40
million barrels. The Atrush field is located 85 km northwest
of Erbil and is one of the largest new oil developments in the
Kurdistan Region of Iraq. The
field was first discovered in 2011 and oil production started in
July 2017. In its fourth year of
production, the Atrush field has sold all its production to the
Kurdistan Regional Government of Iraq at international market prices less a
discount based on quality and transportation charges.
ShaMaran President and Chief Executive Officer Dr. Adel Chaouch said, "Following a challenging 2020
for the oil industry in Kurdistan,
ShaMaran is pleased to start off 2021 with the full and timely
payment of the semi-annual interest owed to our Bondholders. Our
achievement of this 40 million barrel production milestone also
demonstrates the ability of Atrush field to maintain stable
production even through the past difficult times. We look
forward to future achievements."
OTHER
This information is information that ShaMaran Petroleum is
obliged to make public pursuant to the EU Market Abuse Regulation.
The information was submitted for publication, through the agency
of the contact persons set out below, on January 5, 2021 at 5:30
p.m. Eastern Time. Pareto Securities AB is the Company's
Certified Advisor on Nasdaq First North Growth Market, +4684025000,
certifiedadviser.se@paretosec.com.
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.
ABOUT SHAMARAN
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and
exploration company which holds a 27.6% working interest, through
its wholly-owned subsidiary General Exploration Partners, Inc., in
the Atrush Block.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the Nasdaq First North Growth Market
(Stockholm) under the symbol
"SNM".
SOURCE ShaMaran Petroleum Corp.