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ShaMaran Update on Acquisition and Heavy Oil Test
ShaMaran Update on Acquisition and Heavy Oil Test Canada NewsWire VANCOUVER, Apr...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n\n\n\nShaMaran Update on Acquisition and Heavy Oil Test\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 3, 2019\n\n\n\nVANCOUVER, April 3, 2019 /CNW/ - ShaMaran Petroleum Corp. (\"ShaMaran\" or the \"Company\") (TSX VENTURE: SNM) (NASDAQ First North: SNM) refers to its previous news release of December 27, 2018 in which it announced its proposal to acquire a 7.5% participating interest in the Atrush Block from Marathon Oil KDV B.V. (\"MOKDV\"). To facilitate regulatory approval the parties have agreed to restructure the previously announced deal as a back-to-back asset purchase and sale to simplify the transaction and still achieve the same final outcome. Under the terms of two new separate purchase and sale agreements (\"SPA\"s) ShaMaran's wholly owned subsidiary, General Exploration Partners, Inc. (\"GEP\"), will acquire directly MOKDV's full 15% participating interest in the Atrush Block instead of the previously announced acquisition of 100% of the shares of MOKDV and immediately thereafter sell a 7.5% participating interest to TAQA Atrush B.V., Operator of the Atrush Block. Following close of the SPAs GEP will hold a 27.6% participating interest in the Atrush Block. The commercial terms remain fundamentally unchanged. The parties are currently working with the Kurdistan Regional Government, who have agreed in principle to the newly restructured deal, to formalize its approval as a final condition to close the SPAs. View PDF version.\nShaMaran is pleased to announce that the heavy oil extended well test facility has now been installed and is undergoing commissioning with live oil from the Chiya Khere 10 production well (\"CK-10\"). CK-10 oil will subsequently be used as a diluent to assist in the processing and export of heavy oil from the Atrush 3 well (\"AT-3\"). AT-3 production is expected to be online before the middle of April.\nOTHER\nThis information is information that ShaMaran is obliged to make public pursuant to the EU Market abuse Regulation. The information was s...