VANCOUVER, BC, March 31,
2022 /CNW/ - ShaMaran Petroleum Corp.
("ShaMaran" or the "Company") (TSXV: SNM) (NASDAQ First North
Growth Market (Sweden): SNM)
confirms receipt of payment for the December
2021 Atrush sales and entitlements at $29.38 million ($10.81
million net to the Company). View PDF
The Company is also in receipt of $2.19 million net to
the Company as the next instalment for December 2021 in the
Kurdistan Regional Government ("KRG") receivable repayment
mechanism calculated based on the KRG's proposed amendment to the
mechanism repayment terms as announced on May 13, 2021.
Today's payment, together with a set-off of the Company's
share of the bonus payable to the KRG for the Atrush field's
achievement of 50 mmbo cumulative oil production, reduces the KRG's
outstanding receivable amount owed to the Company to $10.26
In addition, ShaMaran announces that its Board of Directors has
granted 15,750,000 incentive stock options ("Options") to its
officers, employees and certain eligible persons of the Company
under the terms of the Company's Incentive Stock Option Plan. Each
Option is exercisable into one common share of the Company at the
exercise price of CAD 0.10 and,
subject to certain vesting provisions, will expire in five
This information contains information that ShaMaran is obliged
to make public pursuant to the EU Market Abuse Regulation.
This information was submitted for publication, through the
agency of the contact persons set out below, on March 31, 2022 at 5:30
p.m. Eastern Time. Arctic Securities AS (Swedish
branch) is the Company's Certified Adviser on Nasdaq First North
Growth Market (Sweden)
+46 844 68 61 00, firstname.lastname@example.org.
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.
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 and as announced in the
Company's news release of July 12,
2021 upon successful closing of the acquisition from a
TotalEnergies' affiliate will then also hold an 18% interest
through its then wholly-owned subsidiary TEPKRI Sarsang A/S in the
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.