Operational Highlights

ShaMaran Petroleum Corp. is in the business of developing and producing oil and gas. The Company has a 27.6% participating interest in the Atrush block, Kurdistan Region of Iraq through its wholly owned subsidiary General Exploration Partners, Inc.

In addition, the Company holds an 18% participating interest in the Sarsang block, Kurdistan Region of Iraq through its wholly owned subsidiary ShaMaran Sarsang A/S.

Third Quarter 2022


On September 14, 2022 the Company announced the closing of the Sarsang Acquisition. No longer a single asset company (from effective date of January 1, 2021) ShaMaran’s portfolio has stakes in three world class producing oil fields (Atrush, Swara Tika and East Swara Tika) in Kurdistan with improved oil qualities and complementary production horizons.

The additional interest in Sarsang Block: (i) adds immediate incremental participating interest production of over 5,000 bopd of light crude oil (36-39° API); (ii) is expected to double ShaMaran’s average net production by the end of 2022; (iii) enhances ShaMaran’s oil reserves through the addition of high API and low sulphur oil that achieves a low discount compared to other producers; and (iv) the combined business is forecast to result in a 2022 year end unrestricted cash balance of up to $105 million (up to $155 million when taking into account the bond buybacks and the early repayment of the Convertible Loan Note issued to TTE).  This cash balance combined with the $36 million held as restricted cash in line with the 2025 bond agreement is forecast to result in leverage of below 1x net debt to EBITDAX at year end 2022 (pro forma for the Sarsang Acquisition).


  • The Company delivered oil sales in Q3 2022 of $40 million, 37% higher than Q3 2021;
  • Cash flow from operations for Q3 2022 was $28 million, over twice that of Q3 2021;
  • EBITDAX in Q3 2022 was very strong at $33 million, over double the EBITDAX of Q3 2021;
  • Merger of existing bonds into one single $300 million issue bond, interest on all bonds fully paid on September 26, 2022;
  • During Q3 2022 the Company bought back more of its own bonds, and currently owns in excess of 10% of the 2025 bond; and
  • On October 3, 2022, the Company announced that it had prepaid, 11 months ahead of the original maturity date, in full (together with applicable interest) the $20 million Convertible Loan Note issued to an affiliate of TTE in connection with the Sarsang Acquisition closing.


  • The 50MM bbl cumulative production milestone for Sarsang was reached during September 2022;
  • During Q3 2022 the commissioning of a new 25,000 bopd facility at Sarsang and commencement of oil export via pipeline from that facility;
  • Q3 2022 gross average production of approximately 71,358 bopd , resulting in 16,206 bopd net to ShaMaran; and
  • Q3 2022 lifting costs per barrel of $4.76 is higher thanPr Q3 2021 lifting costs of $4.34 per barrel. This increase is mainly due to higher diesel prices, but within our 2022 Atrush guidance which takes into account cost inflation.

Production Summary Q3 2022

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