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ShaMaran Reports Atrush 2P Reserves Replacement Ratio of 108% and Provides 2021 Guidance
ShaMaran Reports Atrush 2P Reserves Replacement Ratio of 108% and Provides 2021 Guidance ...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n \n \n \n ShaMaran Reports Atrush 2P Reserves Replacement Ratio of 108% and Provides 2021 Guidance\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 VANCOUVER, BC\n \n ,\n \n Feb. 15, 2021\n \n /CNW/ -\n \n ShaMaran Petroleum Corp. (\"ShaMaran\" or the \"Company\")\n \n (TSXV: SNM) (Nasdaq First North Growth Market: SNM) is pleased to report an increase in the Atrush Property Gross 2P reserves to 109.9 MMbbls at\n \n December 31, 2020\n \n , up from 108.5 MMbbls at the end of 2019. Taking into account 2020 production, this equates to a 2P reserves replacement ratio of 108% and an increase in the Company's gross 2P reserves from 29.9 MMbbls to 30.3 MMbbls. Reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. (\"McDaniel\"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).\n \n View PDF version\n \n .\n \n \n The Atrush field achieved a cumulative production milestone of 40 MMbbls on\n \n January 4, 2021\n \n despite a significantly reduced 2020 development program due to the global pandemic and the collapse of crude oil prices. Of that volume over 16.5 MMbbls were produced during 2020 which included over 1.3 MMbbls of heavy oil.\n \n \n \n 2021 GUIDANCE\n \n \n \n With improving oil prices in 2021 we anticipate a continuation of strong operating cash flow that will be supported with prudent capital deployment in the coming year.\n \n \n \n Atrush field gross average daily production is expected to range from 39,000 barrels of oil per day (\"bopd\") to 44,000 bopd. Resumption of deferred drilling and completion spending in 2021 is expected to generate quarter-on-quarter production growth;\n \n \n \n \n The Atrush capital expenditures for 2021 are planned at\n \n US$53.2 million\n \n (\n \n US$14.7 million\n \n net to ShaMaran), pending final approval by the Ministry of Natural Resources of the Kurdistan Regional Govern...