ShaMaran Provides 2020 Atrush Guidance

About this update from Shamaran Petroleum Corp.

[{"type":"text","content":"\n\n\n\nShaMaran Provides 2020 Atrush Guidance\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, Feb. 25, 2020\n\n\n\nVANCOUVER, Feb. 25, 2020 /CNW/ - ShaMaran Petroleum Corp. (\"ShaMaran\" or the \"Company\") (TSX VENTURE: SNM) (Nasdaq First North: SNM) is pleased to provide Atrush guidance for the year 2020. View PDF Version.\nWe anticipate an increase in average daily production, lower average lifting costs, strong operating cash flow and prudent capital expenditures. \nAtrush field gross average daily production is expected to range from 44,000 barrels of oil per day (\"bopd\") to 50,000 bopd. The mid-point of this year's production guidance represents an increase of 45% over last year's actual average production.Atrush average lifting costs are estimated to range from US$5.50 per barrel to US$6.70 per barrel. This guidance is a 9% to 25% decrease compared to last year's actual costs. Atrush lifting costs are mainly fixed costs and dollar-per-barrel estimates should decrease with increasing levels of production and efficiencies.Atrush capital expenditures for 2020 are estimated at US$131 million (US$36 million net to ShaMaran), pending approval by the Ministry of Natural Resources of the Kurdistan Regional Government of Iraq (\"KRG\"). This includes the Atrush gas solution which will sweeten gas for displacement of current diesel use in the facilities and will significantly reduce and ultimately eliminate gas flaring in the block, an important step forward in environmentally responsible development. Dr. Adel Chaouch, President and Chief Executive Officer of ShaMaran, stated \"We continue to build incremental and sustainable growth in the Atrush field and to progress plans which meet our commitment towards the environment.  We expect 2020 will be a year of cash flow harvest and capital deployment to continue to give our shareholders a clear and socially responsible path to sustained production growth and reserves maturation.\"\nOTHER\nThis information in this release is subject to the disclosure requirements of ShaMaran under the EU Ma...

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