ShaMaran 2019 and Beyond
The year 2019 was an exciting and productive one for ShaMaran Petroleum. Following first oil from the Atrush Field a short two and a half years ago, the Company’s focus has been on production growth.
The Atrush Block is a high-quality oil field that has a large production base with significant growth potential. ShaMaran is generating cash flow that can fund organic growth and the Company is now strongly positioned to act on new accretive opportunities as they present themselves. As a Lundin Group Company, ShaMaran can leverage the expertise and strength of a family that has been building resource companies around the world for more than 40 years.
Field production guidance for 2019 was an average of 30,000 to 35,000 bopd with the expected 2019 exit production rate of 45,000 to 50,000 bopd achieved. Installation of additional facilities during 2020 is expected to increase production capacity towards 80,000 bopd and an investment decision related to increasing Atrush production up to 100,000 bopd is expected mid-2020.
Acquired further 7.5% interest in Atrush. Highly value-accretive transaction
Expanded production base by 62%. Atrush Asset provides large production base with significant growth potential
Consistent production supporting stable and predictable cash flow
New Management with focus on growth
Best in class Kurdistan D&D performance.
A Lundin Group company with strong shareholder support
4 wells added