VANCOUVER, BC, June 4, 2021 /CNW/ - ShaMaran Petroleum Corp.
("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North
Growth Market: SNM) makes the following announcements: View
PDF version.
Operational News
ShaMaran is pleased announce that the Atrush block, Kurdistan
Region of Iraq, has surpassed the
cumulative oil production milestone of 45 million barrels since its
first oil in July 2017.
In addition, a new development well, CK-17, has been drilled to
TD with completion activities currently ongoing. The well is
expected online within the next two weeks.
Dr. Adel Chaouch, President and
Chief Executive Officer of ShaMaran, commented "These recent
operational achievements are noteworthy as the production milestone
and development drilling have been achieved following 2020's
significantly reduced development program due to the global
pandemic and collapse of world crude oil prices. This is clear
evidence that Atrush operations in 2021 have begun to return to
normal."
CORPORATE NEWS
ShaMaran also announces that the Company's President and CEO,
Dr. Adel Chaouch, will be presenting at Småbolagsdagarna 2021,
a digital event for small- and mid-sized companies, organized by
Aktiespararna. Dr. Chaouch will be presenting on June 7, 2021 at 17:30
CET. The presentation will be done in English.
Members of the public have the opportunity to ask questions in
connection with the ShaMaran presentation by sending text messages
to +46 79 347 98 45 or by emailing event@aktiespararna.se. The
questions will be conveyed by Aktiespararna's moderator during the
general discussion following Dr. Chaouch's presentation. Questions
can be submitted in advance or in connection with the
presentation.
The presentation can be followed live at
aktiespararna.se/tv/live and is open to the public and does not
require membership in Aktiespararna or registration in order to
follow the event digitally.
A copy of the presentation will be available on ShaMaran's
website www.shamaranpetroleum.com and
www.thelundingroup.com.
OTHER
The information was submitted for publication, through the
agency of the contact persons set out below, on June 4, 2021 at 6:45 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.
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.
The Covid-19 virus and the restrictions and disruptions
related to it have had a drastic adverse effect on the world demand
for, and prices of, oil and gas as well as the market price of the
shares of oil and gas companies generally, including the Company's
common shares. There can be no assurance that these adverse effects
will not continue or that commodity prices will not decrease or
remain volatile in the future. These factors are beyond the control
of ShaMaran and it is difficult to assess how these, and other
factors, will continue to affect the Company and the market price
of ShaMaran's common shares. In light of the current situation, as
at the date of this news release, the Company continues to review
and assess its business plans and assumptions regarding the
business environment, as well as its estimates of future
production, cash flows, operating costs and capital
expenditures.
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.
ABOUT SHAMARAN
ShaMaran 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
(Sweden) under the symbol
"SNM".
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SOURCE ShaMaran Petroleum Corp.