ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ First North Growth Market (Sweden) under the symbol “SNM.” The Company has a 27.6% ownership interest in Atrush Block, a high‐quality oil field in Kurdistan that has a large production base with significant growth potential. As a Lundin Group Company, ShaMaran can leverage the expertise and strength of a group that has been building resource companies around the world for more than 40 years.
2020 was a challenging year, due to the global coronavirus pandemic (“COVID‐19”) and the collapse of crude oil prices. Despite the turmoil Atrush has continued to meet production targets while reducing lifting costs and has also been able to sustain replaced produced volumes in the Atrush block despite the significantly reduced 2020 development program. The Company also during the year successfully completed measures that resolved the liquidity shortfall and strengthened the Company’s financial position enabling it to meet its bond interest obligations.
Q1 2021 Operational Highlights
- Cumulative production of 40 million barrels achieved on January 4, 2021 despite the challenges of the global COVID pandemic with its impact on crude oil prices, and a significantly reduced capital development program in 2020;
- Average production of approximately 38,212 barrels of oil per day (“bopd”) for the first quarter of 2021; slightly lower than the 2020 average as expected due to the deferral of capital development wells and as a result of operational interventions aggregated in the first quarter;
- First quarter 2021 lifting costs per barrel of $5.12 in line with 2021 guidance and a 13% decrease vs Q1 2020 lifting costs due to improved operating efficiencies; and
- Atrush Property gross 2P reserves2 increased 108% to 109.9 MMbbls as at December 31, 2020 from 108.5 in 2019. The Company’s gross 2P reserves increased from 29.9 MMbbls to 30.3 MMbbls. A consistent record of reserves replacement year on year since the inception of production.