Oil and Gas Production

Quality, Growth, Cash Flow

Message to Shareholders from Dr. Adel Chaouch
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Oil Exploration & Development


Focusing on Growth

ShaMaran is a Kurdistan focused oil development and exploration company which holds a 27.6% interest, through its wholly-owned subsidiary General Exploration Partners, Inc., in the Atrush Block and an 18% interest in the Sarsang Block, through its wholly-owned subsidiary ShaMaran Sarsang A/S.

Share Price

SEK : $
CAD : $

"We are very excited for our future prospects and will continue to execute on our strategic vision to be a best-in-class producer in Kurdistan with sustainable growth, low-leverage and significant cash flow generation. We have a strong cash position which provides us with flexibility and optionality, and in the current oil price environment, we expect continued strengthening of our financial and operational metrics."

- Dr. Adel Chaouch,
President and CEO, ShaMaran Petroleum

Key Assets

Atrush Block

27.6% working interest

Discovery by the Company. Production start up 2017.

A high‐quality oil field in Kurdistan that has a large production base with significant growth potential.

  • 2022 average production guidance of 36,000 to 41,000 bopd;
  • Atrush capital expenditures for 2022 planned at $116 million ($32 million net to ShaMaran). This capital program includes:
  • The drilling and completion of three development wells, including one water injection well.
  • Initiation of the gas solution project which will significantly reduce emissions by using existing infrastructure to generate electrical power from produced gas. As the Atrush field is currently dependent on diesel-fueled generators for all electrical power, this project will also therefore greatly reduce future operating costs.
  • Atrush operating expenditure is forecast to be $76 million ($21 million net to ShaMaran) for 2022, in line with 2021 actual operating costs; and
  • Atrush average lifting costs per barrel are estimated to range from $4.80 to $5.80. Atrush lifting costs are mainly fixed costs and dollar-per-barrel estimates should decrease with increasing levels of production and operational efficiencies.
  • Cumulative oil production to June 2022 reached over 60 million barrels.

Sarsang Block

18% working interest

Acquisition from TotalEnergies in 2022.

Two world class producing fields adjacent to Atrush. Swara Tika and East Swara Tika.


  • Averaged 29.3k bopd in 1H 2022 from 8 wells
  • Cumulative production close to 50MM bbls in September 2022


  • Five production wells drilled from Pad B completed in 2021
  • Additional production well spudded at Pad B in August 2022


  • Three processing facilities with export capacity in excess of 50k bopd

Stock Information

ShaMaran Petroleum Corp. is listed on the TSX Venture Exchange and the Nasdaq First North Growth Market under the symbol "SNM"

Nasdaq: SNM
ShaMaran Petroleum Corp
$ kr
ShaMaran Petroleum Corp
$ cad
Arctic Securities AS (Swedish branch) is the Company's Certified Advisor on Nasdaq First North Growth Market, +46 844 68 61 00,
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