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SHAMARAN ANNOUNCES CLOSING OF SARSANG ACQUISITION
SHAMARAN ANNOUNCES CLOSING OF SARSANG ACQUISITION Canada NewsWire V...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n \n \n \n SHAMARAN ANNOUNCES CLOSING OF SARSANG ACQUISITION\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n VANCOUVER, BC\n \n \n ,\n \n \n Sept. 14, 2022\n \n \n /CNW/ -\n \n ShaMaran Petroleum Corp. (\"ShaMaran\" or the \"Company\")\n \n (TSXV: SNM) (Nasdaq First North Growth Market (\n \n Sweden\n \n ): SNM) is pleased to announce that the acquisition of TEPKRI Sarsang A/S (\"TEPKRI\"), that was previously announced in the Company's news release of\n \n July 12, 2021\n \n , has been completed today.\n \n View PDF\n \n \n \n In addition, the Company has filed the necessary paperwork in\n \n Denmark\n \n to change TEPKRI's name to ShaMaran Sarsang A/S and also to change its\n \n Copenhagen\n \n registered office address.\n \n \n Dr.\n \n Adel Chaouch\n \n , President and Chief Executive Officer of ShaMaran stated, \"This is a momentous day for ShaMaran as with this acquisition (effective date of\n \n January 1, 2021\n \n ) we have transformed ShaMaran from being a single asset company into one owning a portfolio of stakes in three world class producing oil fields (Atrush, Swara Tika and East Swara Tika) in\n \n Kurdistan\n \n with improved oil qualities and complementary production horizons.  Based on the guidance from the operator of Sarsang, net production to ShaMaran will more than double on a pro-forma basis, positioning ShaMaran among the top five International Oil Companies in\n \n Kurdistan\n \n on a net production basis.  We also expect our reserves to also more than double and the Company will update the market on this sizeable reserve acquisition in due course.\n \n \n As part of the transaction closing, the two outstanding bonds of the Company are being merged into a single\n \n $300 million\n \n issue with maturity in 2025. Interest on the two bonds will be paid on\n \n Monday September 26, 2022\n \n prior to bond conversion to be completed on\n \n Tuesday September 27, 2022\n \n . The interest period for the\n \n $300 million\n \n 2025 bond will be\n \n September 27, 2022\n \n until the next schedu...