Presentation

ShaMaran Petroleum is a Canadian E&P company which holds a 27.6% working interest in the Atrush oil field in the Kurdistan region of Iraq. The company is part of the Lundin Group and is headquartered in Vancouver, Canada. It is dual-listed on the TSX Venture Exchange in Canada and Nasdaq First North in Stockholm.

ShaMaran increased its position in Atrush in Q2’19 when it acquired an additional 7.5% interest from Marathon Oil. The field is operated by TAQA and holds gross 2P reserves of ~109 mill boe and gross 2C contingent resources of ~244 mill boe. First oil was achieved in 2017 and production in H1’20 was ~47k boepd, up 69% vs. H1’19, after debottlenecking efforts such as additional wells and processing capacity have been added during 2019. The development of the asset towards the long-term potential of 100,000 boepd gross will likely be done through several phases, which reduces risk and enables recycling of CF from production. The Atrush field also holds large volumes of more heavy oil where an extended well test is expected to firm up more of this production potential.