ShaMaran Petroleum Ltd. · OSL:SNM
ShaMaran Petroleum — Pareto Öhman Raw Materials Day 2012
19 slides from ShaMaran Petroleum's conference presentation, May 24, 2012
Slide 1: Exploration & Development in Kurdistan
Pareto Öhman Raw Materials Day - 24th May 2012 Exploration & Development in Kurdistan
Slide 2: A Lundin Group Company
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Slide 3: Strategic Realignment of Assets
Strategic Realignment of Assets 3 » Prioritize assets with the maximum possible upside. » Relinquishment of Arbat & Pulkhana blocks (mutually agreed with the KRG) with effective date 17th January 2012. »Technical and financial resources to be focussed on the Atrush discovery (spudding May 2012) and
Slide 4: High Levels of Exploration Success
High Levels of Exploration Success 4 » Over 54% of the World’s oil reserves are in the Kurdistan Middle East. * » Kurdistan region projected to have up to 45 billion barrels of oil reserves and 200 TCF of gas. ** » Kurdistan the only region in the Middle East which is open to industry with good comm
Slide 5: Asset Summary
Asset Summary 5 » Atrush: A world class oil discovery. » Taza: High-impact exploration. ShaMaran Gross Block Working Partners Operator Acres Status Interest Taza 20% Oil Search 60%, KRG Oil Search 124,784 Exploration Map showing current and near future well activity 20% Atrush* 26.8%* Aspect Energy
Slide 6: Atrush Project
Atrush Project 6 » Jurassic oil discovery under appraisal. » Atrush-1 tested over 6000 bopd (from three Jurassic horizons, equipment constrained). » Potential for flow rates >10,000 bopd* (PI > 200 bpd/psi). » Possible upside in the sub-thrust trap and extension of HKN Energy’s Swara Tika discovery
Slide 7: Atrush Project: Forward Plans
Atrush Project: Forward Plans 7 » 3D seismic acquisition underway. Over 60% of the programme has been completed. » Atrush-2 appraisal well spudding in May 2012, followed by Atrush-3. » Atrush-1 to be recompleted and Atrush-2 to be tied in to Early Well Testing Facility. DQE #31 on the Atrush-2 Locat
Slide 8: Atrush-2 Appraisal Well
Atrush--2 Appraisal Well Atrush 8 » Spudding May 2012. » DQE #31 rig contracted. » Planned Total Depth 1750m. » 3.5km east of AT-1 discovery well. » 67 days (excluding testing). » Appraisal of Jurassic discovery reservoirs. » TD formation: Lower Jurassic Butmah. » Complete and connect to Early Well
Slide 9: Atrush EWTF – Early Well Testing Facility
Atrush EWTF – Early Well Testing Facility 9 » Plans for EWTF being implemented. » EWTF capacity of 15,000 bopd to be commissioned during Q4 2012. » Initial tie-in of two wells AT-1 & AT-2. » Additional wells to be tied in to the EWTF as soon as they are drilled and completed. » Potential production
Slide 10: Atrush Jurassic Oil Discovery – Resource Base
Atrush Jurassic Oil Discovery – Resource Base 10 Gross Contingent Low Best Mean High Resources* (Barsarin, (1C) (2C) (3C) Sargelu, Alan-Mus, Adaiyah) Total (MMBOE) 275 465 513 813 Gross Prospective Low Best Mean High Resources* (Cretaceous & Jurassic Butmah) Total (MMBOE) 74 134 146 235 * YE 2011 Mc
Slide 11: Taza Prospectivity
Taza Prospectivity 11 » Option agreement converted into a PSC in July 2011. » Significant 4-way dip-closed prospect on trend to giant Jambur field and Sarqala discovery (WesternZagros). » Surface oil seeps and proven oil trendology increases chance for oil rather than gas. » High flow rates in exces
Slide 12: Taza Prospect
Taza Prospect 12 » Five main regional reservoir targets: Upper Fars clastics, Jeribe, Euphrates/Serikagni, Kirkuk Group, and Jaddala. » Regional trends (Jambur-Sarqala) suggest prospect should be oil bearing in the Tertiary. » More than 90% of the mapped resources in the Tertiary section. » 2011 YE
Slide 13: Taza-1 Exploration Well
Taza--1 Exploration Well Taza 13 » On schedule for June 2012 spud. Romfor 101 rig on contract. » Planned Total Depth 3250m. » 102 days (excluding testing). » Targeting regionally proven Tertiary reservoirs (Miocene Jeribe & Euphrates, Oligocene Kirkuk Group). » TD formation: Eocene Jaddala.
Slide 14: Summary of Corporate Resources
Summary of Corporate Resources 14 Post Relinquishment (January 2012): Company Gross Contingent Low Best Mean High Resources* (Atrush) (1C) (2C) (3C) Total (MMBOE) 73.6 124.8 137.4 217.9 Company Unrisked Gross Low Best Mean High Prospective Resources* (Atrush + Taza) Total (MMBOE) 43.0 87.9 104.1 183
Slide 15: Building Value
Building Value 15 Valuations are difficult due to lack of pure or publicised transactions. Internal estimated value of Contingent Resources / 2P reserves in the range of $3-$8 per barrel.
Slide 16: Revised Forward Plan
Revised Forward Plan 16 Subject to partner and Government approval
Slide 17: Lundin Group Track Record for Shareholder Return
Lundin Group Track Record for Shareholder Return 17 Company 2002 Present Notes Tanganyika $0.55/share $31.50/share Sold to Sinopec 2008 $13.5 million MC $1.9 billion MC Valkyries $0.45/share $16.00/share Sold to Lundin $4 million MC $750 million MC Petroleum 2006 Red Back $1.35/share (2000) $30.50/s
Slide 18: Profile & Contacts
Profile & Contacts 18 » Symbol TSX V: SNM www.shamaranpetroleum.com » Share Capital Issued and outstanding 810,983,860 shares Fully diluted 813,632,194 shares » Directors and Management » Keith Hill, Chairman of the Board » J. Cameron Bailey, Director » Pradeep Kabra, Director, President and CEO » A
Slide 19: Cautionary Statements
Cautionary Statements 19 This document contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market a
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