ShaMaran Corporate and Operational Update

About this update from Shamaran Petroleum Corp.

[{"type":"text","content":"\n\n\n\nShaMaran Corporate and Operational Update\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\nCanada NewsWire\nVANCOUVER, April 1, 2020\n\n\n\nVANCOUVER, April 1, 2020 /CNW/ - ShaMaran Petroleum Corp. (\"ShaMaran\" or the \"Company\") (SNM - TSXV, Nasdaq First North Growth Market) provides the following update to shareholders. View PDF Version\nThe Company confirms that a payment of $16.2 million ($4.6 million net to ShaMaran) has been received from the Kurdistan Regional Government (\"KRG\") for Atrush crude oil sales during October 2019. The payment is net of production bonus amounts owing to the KRG under the terms of the Atrush production sharing contract relating to the 25 million barrel cumulative production milestone reached in February, the Company's share of which was $3.7 million.\nIn these challenging times we are reviewing all options that will serve in the best interest of ShaMaran.  The adverse market conditions we are currently witnessing are unprecedented and the Company is proactively assessing its best path forward. \nShaMaran took swift action to mitigate any potential impact from the Covid-19 pandemic to production operations.  We have been following all recommended guidelines for some time and implementing them as necessary, including travel bans, containment measures, and compliance with other local health requirements. In the field, the KRG has implemented a temporary, but extended curfew on the major cities including Erbil and a mandatory quarantine on travellers from Europe. Local staff in Erbil are set up to work remotely from home. Operations have made the necessary adjustments to ensure the safety of site personnel.\nOne of the major uncertainties we all face is the duration and extent of the economic fallout from Covid-19 as well as the ongoing \"oil price war\" between Saudi Arabia and the Russian Federation. As always, in good markets and bad, ShaMaran looks to optimize cost efficiencies.  Given the rapid onset and severity of the current global market conditions, the Company took immediate steps to reduce exp...

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