ShaMaran 2019 and Beyond
The year 2019 was an exciting and productive one for ShaMaran Petroleum. Following first oil from the Atrush Field a short two and a half years ago, the Company’s focus has been on production growth.
The Atrush Block is a high-quality oil field that has a large production base with significant growth potential. ShaMaran is generating cash flow that can fund organic growth and the Company is now strongly positioned to act on new accretive opportunities as they present themselves. As a Lundin Group Company, ShaMaran can leverage the expertise and strength of a family that has been building resource companies around the world for more than 40 years.
Field production guidance for 2019 is an average of 30,000 to 35,000 bopd with an expected 2019 exit production rate of 45,000 to 50,000 bopd. Installation of additional facilities during 2020 is expected to increase production capacity towards 80,000 bopd and an investment decision related to increasing Atrush production up to 100,000 bopd is expected mid-2020.
Acquisition of Marathon’s interest in Atrush field in Kurdistan completed. Highly value-accretive transaction
Atrush Asset provides large production base with significant growth potential
Stable and predictable cash flow
New Management with focus on growth
A Lundin Group company with strong shareholder support
Net exit 2019 production capacity*
Net 1/1/2019 2P oil reserves**
Net 2C oil resources**
Lifting costs 2019e
(*) Quantity based on increasing well capacity (currently at 50,084 bopd) and processing capacity (currently at 37,500 bopd)
(**) Quantities based on Reserves and Contingent Resources - McDaniel & Associates estimates at December 31, 2018, and determined on a 27.6% working interest basis,.