ShaMaran Petroleum Corp. - Oil Exploration and Development in Iraqi-Kurdistan (Seite 27)

[texas2]

Zum Pipelinepoker kommt jetzt noch der Tankerkrimi dazu - spannender als jeder Tatort

Kurd Crude Tanker Leaves Morocco Without Unloading
http://www.bloomberg.com/news/2014-06-05/kurd-crude-tanker-t…

An oil tanker hauling crude from Iraq’s semi-autonomous Kurdish region left Morocco’s territorial waters without unloading, days after the same ship u-turned in the Atlantic Ocean amid a legal challenge relating to its cargo.

“The United Leadership moved into international waters yesterday upon a request from Moroccan authorities,” Nadia Laraki, director general for Agence Nationale des Ports, said by phone today. “The issue is out of our hands. It has not docked and therefore has not unloaded a single cubic meter.”

SOMO, Iraq’s oil-marketing company, said June 1 that buyers should not purchase the tanker’s cargo. Iraq’s oil ministry said May 23 it sought arbitration over Kurdish oil sales from Turkey at theInternational Chamber of Commerce. The Kurdistan Regional Government says it’s abiding by the Iraqi constitution, according to its website. Two calls to KRG officials today weren’t answered. The ship reached its destination, the KRG said June 3, without specifying where that was.

The tanker is owned by Marine Management Services MC in Piraeus, Greece, a database maintained for the United Nations’s maritime agency shows. Kyriakos Maragoudakis, the company’s operations and marine manager, declined to comment. The ship is about 40 miles off Morocco’s Atlantic coast, having got within five miles of the port of Mohammedia, ship tracking data compiled by Bloomberg show.

“We are monitoring the movements of this tanker and anyone who deals with this oil will be prosecuted,” Iraqi oil ministry spokesman Asim Jihad said by phone from Baghdad today.

Conflict Escalation

Tensions between Iraq and the Kurdish region escalated last month when the KRG began pumping oil through its own pipeline to Ceyhan, the Turkish port in the Mediterranean sea from where ship tracking data show United Leadership loaded. The tanker crossed the Strait of Gibraltar, signaling for the U.S. Gulf, then turned back after about 190 miles. It then sailed to Mohammedia in Morocco, tracking shows.

The KRG estimates its region has about 45 billion barrels of crude reserves. Iraq, which has has about 150 billion barrels without the Kurdish reserves, surpassed Iran in 2012 to become the second biggest oil producer in the Organization of Petroleum Exporting Countries.

Shipping signals can be wrong because much of the information is entered manually and because not all data are captured.

Disputes about cargoes sometimes delay merchant ships. A tanker called the ETC Isis spent months marooned off Singapore in 2012 as part of a dispute between northern and southern Sudan. Earlier this year, U.S. special forces boarded a tanker shipping crude from eastern Libya that the nation’s government said was illegally shipped.

To contact the reporters on this story: Souhail Karam in Rabat at [e-mail]; Nayla Razzouk in Dubai at [e-mail]


Read more at http://www.stockhouse.com/companies/bullboard/v.wzr/westernz…

[texas2]

Wer hat Angst vor Bägdäd? Einige offensichtlich schon.


Baghdad Warns Buyers of 'Stolen and Smuggled' Oil as Iraq-Kurdistan Dispute Escalates
Nigel WilsonBy Nigel Wilson
June 2, 2014 11:31 BST
1 7
The Iraqi government has warned international oil companies against buying crude oil exported from Iraqi Kurdistan, saying it will take action against buyers of "stolen and smuggled" oil.

"The Ministry of Oil confirms its warning to the world companies and markets not to buy the oil cargo on the vessel (United Leadership) which is loaded with crude oil extracted from the oil fields of the Kurdistan region," the ministry said in a statement.

The crude oil tanker made global headlines when it departed from Turkey's Ceyhan port in May, loaded with crude oil exported by the Kurdistan Regional Government (KRG) via the newly finished pipeline to Turkey. The oil was exported without the approval of the central Iraqi government in Baghdad.

The United Leadership vessel reversed course after seemingly heading for the United States Gulf Coast, according to ship tracking and market analysts. The reversal has prompted speculation that the exporters have yet to find a buyer.

Iraq's oil ministry said it is tracking the oil tanker and said its cargo left the country illegally and without the permission of Iraq's federal government and oil ministry.

Related
Turkey to Sell Kurdish Oil on Global Markets
Baghdad Confident on Imminent Oil Deal With Kurdistan
Iraq Economy to Surge on a Wave of Oil
Baghdad has filed for arbitration against Turkey in a bid to prevent Ankara from importing and exporting oil from the KRG without central government approval.

The Kurdish leadership has said its oil exports are in line with the country's constitution and that it has exported oil in trucks via Turkey and Iran for years.

The dispute between Iraq and Kurdistan erupted over Arbil's desire to sell oil via the new pipeline. The bitter standoff has become entrenched and has prompted the KRG to act without Baghdad's approval.

"There is no going back," KRG's prime minister Nechirvan Barzani told parliament in May.

"If we cannot reach a shared understanding, we have other options and we cannot wait forever. Why did we begin selling oil? In order to make Baghdad realise that we can do it," he added.

Tags Iraq oil , Kurdistan oil , Crude Oil , Baghdad , Kurdistan Regional Government

[texas2]

Hoffentlich nur ein kleiner politischer Rückschlag für die Kurden (und SNM)beim Pipelinepoker
http://www.reuters.com/article/2014/05/30/us-iraq-kurdistan-…

[texas2]

Zitat von texas2: aktuelle Präsentation von heute:

http://www.shamaranpetroleum.com/i/pdf/Pareto_Securities_Ann…

... und hier noch das blabla dazu
http://garcia.se/shamaran/shamaran-20140521.m4a

ausführlich wird erklärt wie wichtig die Pipeline Story ist, weil stranded oil, ob aus politischen, geografischen etc. Gründen ist nicht soviel wert. Die geopolitischen Spielchen zw S-iraker, Kurden, USA, Türkei, Abu Dhabi konnte man ja ganz gut schon in den letzten Monaten mitverfolgen. Wichtig, dass SNM diese politischen spiele durchschaut und am Ende sich in die richtige Pipeline einbindet ... denke ich.

[texas2]

aahh jetzt gibt es auch eine deutsche Beteiligung zumindest bei der Pipeline durch meine ILF Freunde in München

[texas2]

Antwort auf Beitrag Nr.: 46.990.886 von texas2 am 15.05.14 19:34:38

aktuelle Präsentation von heute:

http://www.shamaranpetroleum.com/i/pdf/Pareto_Securities_Ann…

[texas2]

Antwort auf Beitrag Nr.: 46.973.932 von texas2 am 13.05.14 19:37:22

interpretiere das als ziemlich eindeutige Antwort an die Süd-Iraker

TOP NEWS
EXCLUSIVE-Israel, U.S. import disputed oil from Iraqi Kurdistan
Thu, May 15 14:53 PM BST
* U.S. picks up one cargo, Israel at least 4

* Baghdad has threatened to sue companies doing trade

* Trieste, Italy previously main destination

By Julia Payne and Ron Bousso

LONDON, May 15 (Reuters) - Israeli and U.S. oil refineries have joined the growing list of customers for crude from Iraqi Kurdistan, a region locked in a bitter struggle with the central government in Baghdad that says the sales are illegal.

The United States imported its first crude cargo from the region two weeks ago while at least four have gone to Israel since January, ship tracking and industry sources said, after two were shipped there last summer.

The Iraqi government has repeatedly said oil sales by-passing Baghdad are illegal and has threatened to sue any company involved in the trade, yet Kurdish crude and light condensate oil has been sold to several European buyers. Baghdad refuses to sell oil to Israel, echoing other Arab states.

Israel's Energy Ministry declined to comment, saying that it does not discuss the country's sources of oil.

A senior Iraqi oil ministry official said Baghdad had no information on the sales but was investigating.

"If these reports are correct, then dire consequences will be inevitable," the Iraqi oil official said.

"This is a seriously dangerous development. We have always warned the region to stop smuggling Iraqi crude by trucks to Turkey...and now if this is proved true then they are going too far."

An official of Kurdistan's Ministry of Natural Resources said from the region's capital Arbil: "The Kurdish Regional Government (KRG) has not sold crude directly or indirectly to such destinations."

The stakes are high as Kurdistan's independent oil sales allow it to receive income outside Baghdad's budget, pushing it towards even greater autonomy.

Tensions reached a new pitch this week after Kurdistan's president said Iraq had been led in an authoritarian direction by Prime Minister Nuri al-Maliki and threatened to end the region's participation in the federal government.

The deals involve major international commodity traders, including Trafigura, one of the top three oil traders in the world, trading and shipping sources said.

A spokeswoman for Trafigura declined to comment.

The sales come as the KRG and Baghdad aim to complete long-running negotiations over a pipeline Arbil built to Turkey to circumvent the central government monopoly.

Arbil began pumping crude through to the Turkish port of Ceyhan on the Mediterranean in January but stopped short of selling it, under the threat of budget cuts from Baghdad.

Storage tanks are now nearly full with 2.4 million barrels, trading and shipping sources close to the matter said. Exports of this oil could start as early as later this month.

TRACKING SHIPMENTS

Iraqi Kurdistan began selling its oil independently of the federal government in 2012 with a small trickle of condensate trucked through Turkey, followed by two types of crude oil.

Baghdad says only its state oil company is authorised to sell Iraqi crude, but both sides claim the constitution is on their side and with a crucial hydrocarbon law stuck in draft mode, there is room to manoeuvre.

A Turkish company called Powertrans is the broker for the Kurdish government, selling the oil via tenders to traders. Much of the crude has gone to Trieste, Italy while the condensate has gone to France, Germany, the Netherlands and even Latin America.

The tanker Marinoula discharged around 265,000 barrels of heavy sour Iraqi Shaikan crude oil at the Oiltanking terminal in Houston on May 1, shipping sources said and Reuters AIS Live ship tracking showed.

The identity of the buyer was unclear as the terminal is connected to 23 refining, production and storage facilities scattered between the Gulf Coast and Cushing, Oklahoma.

The crude was loaded by trading company Petraco at the Delta Rubis terminal at Dortyol in Turkey, one of two ports that export Kurdish oil, the sources said. The company declined to comment.

At least four cargoes laden with Kurdish crude went to Israel since the start of this year. Trading sources said that Israel's Oil Refineries Limited's (ORL) plant at Haifa ran some of it.

Paz Oil Company, owner of a refinery near Ashdod, bought at least two cargoes within the last 9 months, traders said.

A spokesman for ORL said "ORL purchases its crude oil from different sources in accordance with the refinery's needs and market conditions."

A spokeswoman for Paz denied the plant had used Kurdish crude.

Some Kurdish oil has also been simply stored, sources said.

Geneva-based trading company Mocoh lifted Shaikan crude from Dortyol in Turkey on the Baltic Commodore, which arrived in Ashkelon in Israel on Jan. 31, market sources and ship-tracking showed.

An official at the company said that "Israeli refineries are not necessarily using this crude," but declined to elaborate.

Trafigura sent a cargo of Kurdish crude to Israel on the Hope A tanker, which went first to Ashkelon and then to Haifa between Feb 10-15.

The Kriti Jade loaded Kurdish crude in Turkey and then sailed to Ashkelon on March 3 and then Haifa a few days later, the sources and ship-tracking showed.

The second tanker, Kriti Sea, picked up Kurdish oil around March 5. The vessel then anchored off Limassol, Cyprus but did not discharge crude. Petraco lifted both cargoes.

Instead it left still laden and tracking was switched off between May 17-20 near the Israeli coast. When it reappeared, still close to Israel, the tanker was empty. (Additional reporting by Steven Sheer in Jerusalem, Ahmed Rasheed in Baghdad, Isabel Coles in Arbil and David Sheppard in London, editing by William Hardy)

[texas2]

http://www.todayszaman.com/news-347717-minister-turkey-start…

[texas2]

Antwort auf Beitrag Nr.: 46.639.997 von motz1 am 16.03.14 19:15:34

Eine Bohrung mit 42.000 bbl/d zu testen bedeutet dass man eine der weltweit gesehenen top Bohrungen getestet hat.
Viele Firmen würden jubeln, wenn sie eine Bohrung mit 9000 bbl/d testen könnten und ich hätte mich auch schon über 5000 bbl/d sehr gefreut ...
So gesehen, wir sind auf dem richtigen Weg, auch politisch gesehen, solange sich die kurdischen Clans mit den Türken einig sind bzw. es sich mit dem südlichen Irak nicht komplett verscherzen ...



SHAMARAN ATRUSH-4 GROSS COLUMN ABOUT 580 METERS-CEO (Directly) 2014-04-22 16: 03 STOCKHOLM (Bloomberg) Shamarans fourth well in the Kurdish Atrush field, Atrush, which flowed around 9,000 barrels per day had an oil column of approximately 580 metres. It says oil exploration company's Managing Director Pradeep Kabra, in an interview with the news agency on Tuesday after last week's announcement. "The oil column is around 580 metres, which means that it is 72 metres higher than the Atrush-1", says CEO. It was in line with your internal expectations? "Yes, it was in line with our expectations and we had expected a higher column than Atrush-1, which it was thus", Pradeep Kabra. Flow of approximately 9,000 barrels per day describes Pradeep Kabra flow reasonably well. The flow varies so widely between wells, where the Atrush-1 well tested more than 42,000 barrels per day and Atrush-3 gave more than 2,000 barrel refers to the size of the CEO. "It is a very large field and geology can be different in different places," he commented the differences. Additional details concerning the Atrush-4 drilling will be published in conjunction with the company's updated presentation adopted are published on the website next week, according to the President. Pradeep Kabra repeats still operator Taqas goal that first oil from Atrush field is expected in the first quarter of next year, the first production phase is expected to reach 30,000 barrels per day and that Atrush-4 will be a part of. The long-term objectives of a production of around 120,000 barrels per day in 2017 also remain, according to CEO. As regards the forthcoming drilling later this year is expected to Atrush-5, or CK-5, start drill in mid-May while CK-6 is predicted to begin drilling in late June with the help of a second rig. Subsequent CK-7 is considered in turn start drilled around the turn of the year, indicates the CEO borrningsschemat. Atrush-3 will be flödestestas again in the fall, around October/november, says Pradeep Kabra. He establishes that before, to not associate with any plans Shamaran on reducing its stake in Atrush-field at the same time as the oil company is looking at opportunities for acquisitions in the region of the Middle East and North Africa. The political situation and developments in Kurdistan and the relationship with Iraq and Turkey describes the CEO: "It continues to move forward and there are a few things to fix but I hope we will reach a solution in the short term". Shamarans stake in Atrush field is around 20 percent while the operator Taqa has a share of about 40 percent. Henrik Svensson + 46 8 5191 7924 The News Agency Directly

[motz1]

... in der Tat, es ist eigentlich genug für alle da...


Jedenfalls ist SNM diese Woche aus dem Winterschlaf erwacht und hat uns viele neue Infos zur Verfügung gestellt.

A) Reserves & Resources Update per 31.12.13, wir haben nun erstmals bestätigte Reserves für die Field Development Zone I aus dem FDP :
Mar 13, 2014 - 17:30 ET
Shamaran Announces Year-End 2013 Reserves and Resources

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 13, 2014) - ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the "Company") is pleased to report initial recognition of reserves as well as updates to estimated contingent resources and prospective resources for the Atrush block as of December 31, 2013. The reserves and resources estimates were provided by McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).

McDaniel estimates for reserves and resources have taken into account the results of the Atrush-3 well, the latest remapping based on 3D seismic and the commitment to the first phase of Atrush development as defined by the KRG approved field development plan.

RESERVES SUMMARY - ATRUSH PHASE 1 DEVELOPMENT
AS OF DECEMBER 31, 2013
MBBL, (1)(2)(3)

Reserves Category: Property
Gross Company
Gross (2) Company
Net (3)
Light/Medium Oil (Mbbl)
Total Proved Reserves (1P) 30,572 6,145 4,116
Probable Reserves 27,609 5,549 2,283
Proved + Probable Reserves (2P) 58,182 11,694 6,399
Possible Reserves 52,543 10,561 2,904
Proved + Probable + Possible Reserves (3P) 110,724 22,256 9,304

1 Reserves are based on the KRG-approved Phase 1 Atrush development comprising a 30,000 bpd facility and 3 producers (AT-2, AT-4 and AT-5).
2 Company gross reserves are based on Company working interest share of the property gross reserves.
3 Company net reserves are based on Company share of total cost and profit revenues and the income tax paid on behalf of company.

Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The reserves were estimated using forecast prices and costs. The sales oil price was based on the McDaniel January 1, 2014 price forecast for Brent crude oil with a discount of 40 percent in 2014 and 2015, 35 percent in 2016, 30 percent in 2017 and 25 percent in 2018 onwards. The initial discount to Brent was based on published sales prices in the Kurdistan Region of Iraq from 2013 and equates to an oil price of US$ 63.00 per barrel in 2014. Costs were escalated at 2 percent per annum. Oil pricing is uncertain and any eventual announcement of sales and pricing of exported Kurdish crude during 2014 together with the Kurdish export pipeline becoming fully operational will impact on future price scenarios.

The updated estimates of contingent resources for the Atrush block are as follows:

CONTINGENT RESOURCES SUMMARY - ATRUSH JURASSIC OIL DISCOVERY*
AS OF DECEMBER 31, 2013
(1)(2)(3)(4)
* Barsarin, Sargelu, Alan, Mus ("BSAM"), Adaiyah & Butmah formations, in addition to the volumes assigned to Reserves.

Low Estimate
(1C) Best Estimate
(2C) High Estimate (3C)
Property Gross
Crude Oil (Mbbl) 388,804 497,833 618,027
Natural Gas (MMcf) 90,289 122,585 165,857
Total (Mboe) (6) 403,852 518,263 645,669
Company Gross (5)
Crude Oil (Mbbl) 78,150 100,064 124,223
Natural Gas (MMcf) 18,148 24,640 33,337
Total (Mboe) (6) 81,174 104,171 129,780
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B) Neue Unternehmenspräsentation
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Slides 5/6 fassen nochmal die bisherigen Erkenntnisse der Bohrungen AT-1 bis AT-4 zusammen:

» AT-1: Discovery well with indicative large volumes but large volumetric uncertainty. 551m oil column in well with 393m of uncertainty on Free Water Level (FWL). Test rates limited by gas lift but high reservoir Productivity Index (“PI”) demonstrated.

» AT-2: Appraisal well that reduced volumetric uncertainty and proved physical high reservoir deliverability with ESP. Confirmed Adaiyah/Butmah as productive (additional discovery). 449m oil column in well with 297m of remaining uncertainty on FWL. Deepest Proven Oil (DPO) -230m msl*. Subsequent interference test with AT-1 showed that both wells are highly connected.

» AT-3: Flank appraisal well targeting FWL. Result considerably reduced the downside volumetric uncertainty (increased P90 PIIP by 34%) and confirmed a gradational oil column. Testing incomplete. 286m oil column in well with remaining uncertainty on FWL reduced to 90m. Deepest Proven Oil (DPO) -408m msl*.

» AT-4 spudded October 20, 2013:
2nd Phase 1 Development well at initial 4km2/well spacing;
High-angle deviated well from the AT-1 well pad (max. hole angle attained 82 degrees) demonstrating viability of developing field despite limited surface accessibility; Average hole angle through reservoir section approx. 50 degrees; Reached Jurassic reservoir approx. 72m structurally higher than AT-1; TD of 2916m MD (1687m TVD) on January 23, 2014; Well testing operations commenced in mid February 2014. Results expected in April;

» AT-5 (PF1 producer)* to follow AT-4 from the AT-1 well pad.


Anm.: Sowohl AT-4 als auch das geplante AT-5 werden vom well pad von AT-1 gedrillt. Damit können Sie die Zugänglichkeitsprobleme an der Oberfläche scheinbar lösen und die wells so setzen, wie sie es optimaler weise für die spätere Produktion brauchen.

Weiter geht es mit slide 11, Thema Upside. SNM benennt nun endlich mal die hier schon lange geäußerten Spekulationen als mögliche weitere Upsides, die da wären:
- Footwall
- Triasic in der Hanging Wall
- Swara Tika Extension in den Atrush-Block
Ich ergänze noch um die vielzitierte Einschränkungen bei den Flowrates durch Testequipment...

C)Mar 13, 2014 - 17:30 ET
ShaMaran 2013 Year End Financial and Operating Results

VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 13, 2014) - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce its financial and operating results for the year ended December 31, 2013. Unless otherwise stated all currency amounts indicated as "$" in this news release are expressed in thousands of United States dollars.

HIGHLIGHTS
• The Company reports initial recognition of reserves (property gross of 58 MMbo 2P) as well as updates to estimated contingent resources (property gross of 518 MMboe 2C) and prospective resources (property gross unrisked best estimate of 245 MMboe) as of December 31, 2013 for the Atrush block. The reserves and resources estimates were provided by McDaniel & Associates Consultants Ltd, the Company's independent qualified resources evaluator.
• On November 13, 2013 General Exploration Partners, Inc. a fully owned subsidiary of the Company, issued $150 million of senior secured bonds. Net proceeds from the bond will be used to fund the Company's future capital expenditures related to the development of the Atrush Block.
• On October 7, 2013 the Company announced that the Kurdistan Regional Government ("KRG") had approved Phase 1 of the Field Development Plan for the Atrush Block with an October 1, 2013 effective date for the commencement of the Development Period. The Atrush Block, located 85 kilometres northwest of Erbil and operated by TAQA Atrush B.V. is planned to have an initial production capacity of 30,000 barrels of gross oil per day with first oil expected by early 2015.
• The Atrush-4 Phase 1 development well spudded on October 20, 2013 and reached a total depth ("TD") of 2,916 meters on January 23, 2014. Atrush-4 is currently being tested.
• The Atrush-3 appraisal well, located 6.5 kilometres to the east of the Atrush-2 appraisal well, was spudded on March 25, 2013 and reached TD of 1,806 meters on June 23, 2013 within the potential Phase 2 development area. The well confirmed the extension of the oil bearing Jurassic age Barsarin-Sargelu-Alan-Mus reservoir and extended the Deepest Proven Oil column by approx. 180 meters. Drill stem tests were conducted with hydrocarbons recovered to surface but due to equipment limitations accurate flow rates were not determined. Atrush-3 is currently suspended.
• On March 12, 2013 the Contractor entities to the Atrush Block Production Sharing Contract ("PSC") were notified by the KRG that it had exercised its option to acquire a 25% Government Interest in accordance with the provisions of the Atrush Block PSC.

FINANCIAL AND OPERATING RESULTS FOR THE YEAR ENDED DECEMBER 31, 2013

During the year ended December 31, 2013 the Company continued its appraisal and development campaign in respect of the Atrush petroleum property located in the Kurdistan Region of Iraq which constitutes the continuing operations of the Company. Atrush currently generates no revenues.

[... Anm.: Alle Tabellen aus Darstellungsgründen entfernt]

OUTLOOK
The outlook for the year 2014 is as follows:

Atrush Block

Following the KRG approval of Phase 1 plans are being implemented to achieve First Oil of 30,000 bopd gross by early 2015.

Testing of the AT-4 appraisal/development well is expected to be completed during the first quarter of 2014. Drilling plans for the year 2014 include drilling of AT-5, the third Phase 1 development well, followed by the Atrush-6 well. Further testing of the AT-3 well will also be conducted during 2014 following a planned re-entry.

The FEED for the Phase 1 Production Facilities was completed in October 2013. Orders for the production modules for the 30,000 bopd facilities were finalised in December 2013. Civil engineering at the selected facilities site commenced in early 2014.

Budget
The Board of Directors approved a budget for the year 2014 which includes net capital spending on the Atrush Block appraisal and development program and debt service and other costs totalling $101.0 million.

The Company believes that based on the forecasts and projections they have prepared its current financial resources are sufficient for the Company to satisfy its contractual obligations and commitments under the agreed work program over the next 12 months. Nevertheless the potential remains that the Company's financial resources will be insufficient to fund its obligations over the next 12 months. The Company has a number of financing possibilities which it believes it would be able to pursue if and when required.

New Ventures
As part of its normal business the Company continues to evaluate new opportunities in the MENA region.
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Mein Fazit: AT-4-Ergebnisse sollten im April kommen, Feldentwicklung läuft. Auf die politische Lösung warten und Tee trinken. Und froh sein, dass SNM TSX.V-konforme Zahlen rausgibt, nicht wie der berühmte Liegenschaftsnachbar der wegen eines Listing-Upgrades seine Zahlen relativieren musste...