VANCOUVER, BC, May 13, 2021 /CNW/ - ShaMaran Petroleum
Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First
North Growth Market (Sweden):
SNM), in line with other producing IOCs in Kurdistan, has received a letter from the
Kurdistan Regional Government ("KRG") proposing an amendment,
starting with the March 2021 oil
sales and entitlement invoice, to payment terms due to the ongoing
challenges in Iraq with the
COVID-19 pandemic. View PDF version
The KRG has noted that since the dated Brent price has remained
consistently well above $50 per
barrel, the monthly repayment of outstanding arrears will now be
calculated as 20% (compared to 50% previously) of the difference
between the average monthly dated Brent price and $50 per barrel multiplied by the gross Atrush
crude oil volumes sold in a month. The balance to ShaMaran
for the November 2019 to February 2020 outstanding invoices currently
stands at $38 million.
The KRG is proposing that its payment will now be 60 days after
submission of each monthly invoice.
The KRG is committing to re-evaluate this proposed payment model
should international oil markets see substantial volatility.
None of these proposals have been discussed with the KRG nor
have they been accepted by the Company.
OTHER
This information is information that ShaMaran
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
May 13, 2021 at 12:00 p.m. Eastern Time. Pareto Securities
AB is the Company's Certified Advisor on Nasdaq First North Growth
Market (Stockholm), +46 8402 5000,
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 is a Kurdistan focused
oil development and exploration company which holds a 27.6%
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
(Sweden) under the symbol "SNM"
and is part of the "Lundin Group of Companies".
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SOURCE ShaMaran Petroleum Corp.