Business
ShaMaran Operational and Corporate Update
ShaMaran Operational and Corporate Update Canada NewsWire VANCOUVER, BC ...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n \n \n \n ShaMaran Operational and Corporate Update\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 July 12, 2023\n \n \n /CNW/ -\n \n ShaMaran Petroleum Corp.\n \n (TSXV: SNM) (Nasdaq First North Growth Market: SNM) (\"ShaMaran\" or the \"Company\") announces an operational and corporate update.\n \n PDF Version\n \n \n \n The Company's operations remain heavily impacted by the continued closure of the\n \n Iraq\n \n -\n \n Turkey\n \n pipeline (\"ITP\"), which has resulted in either a partial or complete shutdown of many fields located in the\n \n Kurdistan\n \n region of\n \n Iraq\n \n (\"KRI\"). ShaMaran understands that negotiations between officials in\n \n Iraq\n \n and\n \n Turkey\n \n about re-opening the ITP started in late June and will continue in the weeks ahead. The recent passage of the\n \n Iraq\n \n federal budget for 2023-2025, including a production commitment from the Kurdistan Regional Government (\"KRG\"), should enable regular monthly budget transfers from Iraq to the KRG, as well as normalization of relations between the region and the Federal Government of\n \n Iraq\n \n . The Company believes that a speedy re-opening of the ITP and resolution of the related outstanding commercial issues between international oil companies (\"IOCs\") and the KRG will benefit all parties involved.\n \n \n Since the ITP shutdown, ShaMaran and its operating partners have engaged in a number of initiatives aimed at cutting costs (both operating and capital expenditures) for the Company's two assets at Atrush and Sarsang. The current cost base run-rate has been reduced significantly below the original 2023 Work Plan and Budgets approved by the Ministry of Natural Resources of the KRG. All non-essential capital expenditures in the Atrush block have been cancelled or postponed for the remainder of the year, and a significant number of redundancies have been implemented by Taqa Atrush B.V., the Atrush operator, while retaining the capability to re-start field operations upon ...