Oil and Gas Production

Quality, Growth, Cash Flow

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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 : $

This is a momentous opportunity for ShaMaran as with this acquisition (effective date of January 1, 2021) we have transformed ShaMaran from being a single asset company into one owning a portfolio of stakes in three world class producing oil fields (Atrush, Swara Tika and East Swara Tika) in Kurdistan with improved oil qualities and complimentary production horizons. Based on the guidance from the operator of Sarsang, net production to ShaMaran will more than double on a pro-forma basis, positioning ShaMaran among the top five International Oil Companies in Kurdistan on a net production basis. We also expect our reserves to also more than double and the Company will update the market on this sizeable reserve acquisition in due course."

- 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,

ShaMaran Petroleum at a Glance

ShaMaran holds a 27.6% working interest in the Atrush Block production sharing contract

Total Company gross 2P reserves was 30.4 million barrels as at December 31, 2021

Atrush Asset provides large production base with significant growth potential

Consistent production supporting stable and predictable cash flow

Management with focus on growth

Best in class Kurdistan D&D performance

A Lundin Group company with strong shareholder support

Over 60 million barrels produced so far from Atrush to June 2022

2022 average production guidance of 36,000 to 41,000 bopd

Atrush average lifting costs per barrel are estimated to range from $4.80 to $5.80

One-of-a-kind climate action partnership with the Hasar Organization for Earth Sciences in Kurdistan

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