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ShaMaran Closes Atrush Transaction with TAQA and HKN
ShaMaran Closes Atrush Transaction with TAQA and HKN Canada NewsWire VANCOU...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n\n\n\n ShaMaran Closes Atrush Transaction with TAQA and HKN\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 Aug. 7, 2024\n \n\n /CNW/ -\n \n ShaMaran Petroleum Corp. (\"ShaMaran\" or the \"Company\")\n \n (TSXV: SNM) (Nasdaq First North: SNM) has closed the acquisition of TAQA Atrush B.V. and the subsequent sale of an indirect interest in Atrush to HKN Energy IV, Ltd. announced on\n \n January 22, 2024\n \n . The two-step transaction increased the Company's indirect 27.6% stake in the Atrush Block to a 50% working interest (66.67% paying interest) following the sale of an indirect 25% working interest (33.33% paying interest) to HKN Energy IV, Ltd. An affiliate of HKN Energy is now operator of the Atrush Block, and the Kurdistan Regional Government's 25% working interest in the Atrush Block has been converted to a carried interest.\n \n View PDF\n \n\n\n\n Garrett Soden\n \n , President and CEO of ShaMaran, commented: \"The closing of the Atrush transaction with TAQA and HKN advances our consolidation strategy in\n \n Kurdistan\n \n . We expect to increase production at Atrush and achieve significant synergies between the adjoining Atrush and Sarsang blocks with HKN as operator of both blocks.  We thank TAQA, the Kurdistan Regional Government and HKN for their tireless efforts to close this 'win-win' transaction for all parties.\"\n \n\n\n About ShaMaran Petroleum Corp.\n \n\n\n ShaMaran is a Canadian independent oil and gas company focused on the\n \n Kurdistan\n \n region of\n \n Iraq\n \n . The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block and a 50% working interest (66.67% paying interest) in the Atrush Block. The Company is listed in\n \n Toronto\n \n on the TSX Venture Exchange and in\n \n Stockholm\n \n on Nasdaq First North Growth Market (ticker \"SNM\"). ShaMaran is part of the Lundin Group of Companies.\n \n\n\n\n Important Information\n \n\n\n\n\n ShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation...