Business
Transformative Acquisition of TotalEnergies' Affiliate with an 18% Interest in Sarsang PSC and New Financings
Transformative Acquisition of TotalEnergies' Affiliate with an 18% Interest in Sarsang PS...
About this update from Shamaran Petroleum Corp.
[{"type":"text","content":"\n \n \n \n Transformative Acquisition of TotalEnergies' Affiliate with an 18% Interest in Sarsang PSC and New Financings\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}\ntable p, #divContent table p\n{\nmargin: 0px;\nmargin-left: 3.8px;\nfont-size: 8pt !important;\nfont-family: Arial;\ncolor: black;\nmargin-right: 0pt;\n}\ntable th, #divContent table th\n{\nfont-weight: unset !important;\ntext-align: unset !important;\nvertical-align: unset !important;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n July 12, 2021\n \n /CNW/ -\n \n ShaMaran Petroleum Corp.\n \n (\"ShaMaran\" or the \"Company\") (TSXV: SNM) Nasdaq First North Growth Market: SNM) is pleased to announce that it has signed an agreement with a subsidiary of TotalEnergies S.E. (\"TotalEnergies\") to acquire its affiliate (TEPKRI Sarsang A/S) holding an 18% non-operated participating interest in the Sarsang Production Sharing Contract (the \"Sarsang PSC\") in the Kurdistan Region of\n \n Iraq\n \n (the \"Acquisition\") for an initial consideration of\n \n USD 155 million\n \n plus working capital adjustments amounting to\n \n USD 14.2 million\n \n as of\n \n January 1, 2021\n \n .  An additional contingent consideration of\n \n USD 15 million\n \n is payable in the future as more fully described below.  The Acquisition is transformative to ShaMaran's production, reserves and financial profile and delivers on the Company's focused and disciplined strategy for growth by targeting this opportunity that is accretive to the Company, its shareholders and its bondholders.\n \n View PDF version\n \n \n \n \n HIGHLIGHTS\n \n \n \n The Acquisition:\n \n \n \n Adds immediate incremental participating interest production of approximately 5,000 bopd of light crude oil;\n \n \n Is expected to double ShaMaran's Q2 2021 average net production of 11,090 bopd following the completion of the processing facility expansion at Swara Tika field by mid-2022;\n \n \n Enhances ShaMaran's oil reserves through the addition of high API and low sulphur oil that achieves a low discount...