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on April 27, 2022 at 18:00 CET (12:00 ET).

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Oil and Gas Production

Quality, Growth, Cash Flow

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Oil Exploration & Development


Focusing on Growth

ShaMaran Petroleum Corp. is a Canadian independent oil development and exploration company with a 27.6% interest in the Atrush Block production sharing contract. The Atrush Block is located in the Kurdistan region of northern Iraq.

Share Price

SEK : $
CAD : $

"We have a world-class asset that has delivered
consistently and will continue to deliver
moving forward. It's an exciting time and
we're focused on looking at additional
opportunities like the one we've done with
the Sarang license. We're going to be
opportunistic as those projects become
available and leverage our network of contacts
and understanding of the landscape to expand
the company"

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

Key Assets

Atrush Block

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.

2021 Guidance

With improving oil prices in 2021 we anticipate a continuation of strong operating cash flow that will be supported with prudent capital deployment in the coming year.

  • Atrush field gross average daily production is expected to range from 39,000 barrels of oil per day (“bopd”) to 44,000 bopd. Resumption of deferred drilling and completion spending in 2021 is expected to generate quarter-on-quarter production growth;
  • The Atrush capital expenditures for 2021 are planned at US$53.2 million (US$14.7 million net to ShaMaran), pending final approval by the Ministry of Natural Resources of the Kurdistan Regional Government of Iraq (“KRG”). The Atrush 2021 capital program includes drilling and completion of a production well with targeted offtake rates of over 4,000 bopd and initiation of the gas solution project which will significantly reduce emissions and operating costs from reliance on diesel use;
  • The Atrush operating expenditure is forecast to be US$80 million (US$22 million net to ShaMaran) for 2021, in line with 2020 actual operating costs;
  • Atrush average lifting costs per barrel are estimated to range from US$4.70 to US$5.70. Atrush lifting costs are mainly fixed costs and dollar-per-barrel estimates should decrease with increasing levels of production and operational efficiencies;
  • Payments from the KRG for oil delivered in 2021 are expected to continue to be made one month after production. Recovery of the US$41.7 million receivable owed to the Company by the KRG for November 2019 to February 2020 entitlements has started as per the KRG’s December 2020 proposed repayment mechanism of sharing equally the incremental revenue if Brent prices exceed US$50 per barrel in any month;
  • ShaMaran will continue to implement prudent management of its cashflow in 2021 with an annual corporate budget of US$5.6 million, a 30% reduction in spending over 2020; and
  • Following the amendment of the ShaMaran bond terms in January 2021 the Company intends to use its free cash flow to buy its bonds should commercially attractive rates be available in the market and as a result will be reducing its debt burden over the coming year and will update the market of such activity on a quarterly basis.

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

Gross 2P reserves to 109.9 MMbbls at December 31, 2020

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 50 million barrels produced so far from Atrush to September 2021

2021 gross average daily production estimated at 39,000 bopd to 44,000 bopd

Resumption of deferred drilling and completion spending in 2021 is expected to generate quarter-on-quarter production growth

Atrush average lifting costs per barrel are estimated to range from US$4.70 to US$5.70

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