Shamaran Reports 40% Increase in Company Gross 2p Reserves

Source Press Release
Company ShaMaran Petroleum Corp. 
Tags Financial & Operating Data, Strategy - Corporate
Date February 17, 2020

ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSX VENTURE: SNM) (Nasdaq First North Growth Market: SNM) is pleased to report that consistent strong reservoir performance in 2019 and the acquisition of an additional 7.5% working interest share in the Property last year has increased the Company’s gross 2P oil reserves from 21.3 MMbbls to 29.9 MMbbls which represents a 40% increase. This equates to an increase in 2P reserves NPV of over US$95 million (when using a 10% discount factor).  
Adel Chaouch, President and CEO of ShaMaran, commented: “ShaMaran has established a consistent track record of growing 2P reserves year over year. In 2019 we have not only replaced produced volumes, but also compounded these increases through the acquisition of an additional 7.5% working interest in the Atrush block. As such, we have delivered record growth in the Company gross 2P oil reserves in 2019.”

The Atrush Block is operated by the Abu Dhabi National Energy Company PJSC (“TAQA”) and is held 47.4% by TAQA, 25% by the Kurdistan Regional Government, 27.6% by ShaMaran, through its wholly owned subsidiary General Exploration Partners, Inc. (“GEP”). Atrush reserves and resource estimates presented represent solely the view of ShaMaran and its experts.

For further information please refer to the Company’s Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information, Form 51-101F2 Report on Reserves Data by Independent Qualified Reserves Evaluator or Auditor and Form 51-101F3 Report of Management filed under the Company’s profile on SEDAR at  posted on February 17, 2020.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd