VANCOUVER, BC, July 25,
2022 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran"
or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market
(Sweden): SNM) announces this
Atrush operations update: View PDF version.
Drilling operations have commenced on the CK-18 production well
in the Atrush Block in the Kurdistan Region of Iraq. This well will be a Lower Jurassic
deviated production well drilled to the south-west from the
Chamanke G Pad and located to the north of wells CK-15 and CK-8.
CK-18 is forecast to produce up to 2,000 barrels of oil per
Workover operations have also commenced on CK-17 ST-1 production
well in the Atrush Block in the Kurdistan Region of Iraq. CK-17 ST-1 is a side-tracked deviated
well drilled from the Chamanke A Pad and penetrating the Upper
Jurassic between the CK-5 and CK-8 wells. The main objectives of
this workover will be to re-complete the well in the Upper Jurassic
and to add perforations for stimulation to increase forecasted
production up to 5,000 barrels of fluids per day.
Also, drilling operations have recently concluded on CK-16, a
water disposal well, drilled from the Chamanke G Pad and designed
to provide redundancy to the existing Atrush water disposal well,
Dr. Adel Chaouch, President and
Chief Executive Officer of ShaMaran stated, "These drilling
campaigns are consistent with the joint venture's plans to
establish a new production plateau for the Atrush Field."
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 July 25, 2022 at 6:30 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,
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 operational 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.
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",
"expected", "intend", "plan", "anticipate", "believe", "estimated",
"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
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 Sarsang 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.