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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 expect 2021 will again be a year of cash
flow harvest and measured capital deployment
to continue to give our shareholders a clear
and socially responsible path to sustained
production and reserves maturation."

- Dr. Adel Chaouch

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.

2020 Operational Highlights

  • 2020 oil production increase of 39% (2020 vs 2019);
  • Cumulative production of 40 million barrels achieved on January 4, 2021 despite a significantly reduced 2020 development program due to the global pandemic and the first quarter 2020 collapse of crude oil prices;
  • Average production of approximately 40,800 barrels of oil per day (“bopd”) for the fourth quarter of 2020; lower than the year’s average due deferral of capital development wells, and operational interventions aggregated in this quarter;

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
Pareto Securities AB is the Company's Certified Advisor on Nasdaq First North Growth Market, +46 8 402 5000,

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

40 million barrels produced so far from Atrush to December 2020

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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