ShaMaran Petroleum Corp. - Oil Exploration and Development in Iraqi-Kurdistan
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ShaMaran Acquires TAQA Interest in Atrush and Partners with HKN
V.SNM | 4 hours ago
VANCOUVER, BC, January 22, 2024 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) has entered into definitive agreements for a two-step transaction to increase its indirect working interest in the Atrush Block in Kurdistan from 27.6% to 50%, with HKN EnergyIV, Ltd. ("HKNIV"), an affiliate of HKN Energy Ltd. ("HKN"), indirectly acquiring a 25% working interest and operatorship, subject to required approvals. View PDF
Garrett Soden, President and CEO of ShaMaran, commented: "This transaction continues ShaMaran's consolidation strategy in Kurdistan. We are acquiring TAQA's 47.4% interest in Atrush and selling a 25% interest and operatorship to HKNIV. ShaMaran and HKN are already co-venturers in the adjoining Sarsang block operated by HKN. We look forward to working together at Atrush to realize significant synergies on both blocks."
In the first step of the transaction, ShaMaran's wholly-owned Cayman subsidiary, General Exploration Partners, Inc. ("GEP"), entered into an agreement with TAQA International B.V. ("TIBV"), a subsidiary of Abu Dhabi National Energy Company PJSC ("TAQA"), to acquire TAQA Atrush B.V. ("TABV") ("Step 1"). TABV is a Dutch holding company with a 47.4% working interest and operatorship in the Atrush Production Sharing Contract in Kurdistan ("Atrush PSC"). Step 1 is subject to customary closing conditions for a share sale and purchase agreement in the Netherlands and customary stock exchange approvals in Canada.
At closing of Step 1, HKNIV will begin operating Atrush on a fee basis in contemplation of the second step of the transaction. The appointment of HKNIV as operator is subject to review by the Ministry of Natural Resources in Kurdistan.
In the second step of the transaction, TABV will transfer a 25% working interest in the Atrush PSC to GEP2, a new Cayman wholly-owned subsidiary of GEP. In parallel, GEP has entered into an agreement to sell GEP2 to HKNIV for nominal consideration such that HKN IV will hold a 25% working interest and operatorship in the Atrush PSC ("Step 2"). The sale of GEP2 to HKNIV will be subject to approval by the Kurdistan Regional Government ("KRG").
After closing the above transaction steps, the Atrush Block will have the following parties: GEP 50%, HKNIV (through GEP2) 25% and KRG 25%.
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block, and, subject to closing the above transaction, will increase its indirect 27.6% working interest in the Atrush Block to 50%. The Company is listed in Toronto on TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.
Important Information
ShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on January22, 2024, at 5:00a.m. Central European Time.
The Company's certified advisor on Nasdaq First North Growth Market is Arctic Securities AS (Swedish branch), +46844686100, certifiedadviser@arctic.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. There is no certainty that all conditions to completion in respect of Step 1 will be satisfied or that approval of the KRG for the sale of GEP2 to HKN IV will be obtained.
V.SNM | 4 hours ago
VANCOUVER, BC, January 22, 2024 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North: SNM) has entered into definitive agreements for a two-step transaction to increase its indirect working interest in the Atrush Block in Kurdistan from 27.6% to 50%, with HKN EnergyIV, Ltd. ("HKNIV"), an affiliate of HKN Energy Ltd. ("HKN"), indirectly acquiring a 25% working interest and operatorship, subject to required approvals. View PDF
Garrett Soden, President and CEO of ShaMaran, commented: "This transaction continues ShaMaran's consolidation strategy in Kurdistan. We are acquiring TAQA's 47.4% interest in Atrush and selling a 25% interest and operatorship to HKNIV. ShaMaran and HKN are already co-venturers in the adjoining Sarsang block operated by HKN. We look forward to working together at Atrush to realize significant synergies on both blocks."
In the first step of the transaction, ShaMaran's wholly-owned Cayman subsidiary, General Exploration Partners, Inc. ("GEP"), entered into an agreement with TAQA International B.V. ("TIBV"), a subsidiary of Abu Dhabi National Energy Company PJSC ("TAQA"), to acquire TAQA Atrush B.V. ("TABV") ("Step 1"). TABV is a Dutch holding company with a 47.4% working interest and operatorship in the Atrush Production Sharing Contract in Kurdistan ("Atrush PSC"). Step 1 is subject to customary closing conditions for a share sale and purchase agreement in the Netherlands and customary stock exchange approvals in Canada.
At closing of Step 1, HKNIV will begin operating Atrush on a fee basis in contemplation of the second step of the transaction. The appointment of HKNIV as operator is subject to review by the Ministry of Natural Resources in Kurdistan.
In the second step of the transaction, TABV will transfer a 25% working interest in the Atrush PSC to GEP2, a new Cayman wholly-owned subsidiary of GEP. In parallel, GEP has entered into an agreement to sell GEP2 to HKNIV for nominal consideration such that HKN IV will hold a 25% working interest and operatorship in the Atrush PSC ("Step 2"). The sale of GEP2 to HKNIV will be subject to approval by the Kurdistan Regional Government ("KRG").
After closing the above transaction steps, the Atrush Block will have the following parties: GEP 50%, HKNIV (through GEP2) 25% and KRG 25%.
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq. The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block, and, subject to closing the above transaction, will increase its indirect 27.6% working interest in the Atrush Block to 50%. The Company is listed in Toronto on TSX Venture Exchange and in Stockholm on Nasdaq First North Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group of Companies.
Important Information
ShaMaran is obliged to make this information public pursuant to the EU Market Abuse Regulation. This information was submitted for publication through the agency of the contact person set out below on January22, 2024, at 5:00a.m. Central European Time.
The Company's certified advisor on Nasdaq First North Growth Market is Arctic Securities AS (Swedish branch), +46844686100, certifiedadviser@arctic.com.
Forward-Looking Statements
Certain statements contained in this press release constitute forward-looking information. These statements relate to future events or the Company's future performance, business prospects and opportunities, which are based on assumptions of management. There is no certainty that all conditions to completion in respect of Step 1 will be satisfied or that approval of the KRG for the sale of GEP2 to HKN IV will be obtained.
wauw
das sind Hammernews. Die Dbai Araber haben offensichtlich die Nase volle von den Irakern, Kurden.
Aber die schwedische bzw. die texanischen Milliardärsfamilien wollen weitermachen, obwohl das Pipelinedrama zwischen zwischen Bagdhad, Türkei, Kurdistan und Ölfirmen nach wie vor nicht gelöst ist. Wobei die Iraner in dieser Melange auch noch mit auf Nord Irak Kurdistan abgeschossenene Raketen/Drohnen mitmischen und die USA dort eine grosse Botschaft betreiben. Abgesehen von den Russen und Chinesen die ebenfalls dort investiert sind.
(mMn könnte ein Ausweg sein dass die Ölfirmen mit den Kurden eine gewichtige Raffinerie gründen in Nord Irak Kurdistan und den Diesel selbst verkaufen. Wer weiss was die Milliardäre im Hinterkopf haben. )
das sind Hammernews. Die Dbai Araber haben offensichtlich die Nase volle von den Irakern, Kurden.
Aber die schwedische bzw. die texanischen Milliardärsfamilien wollen weitermachen, obwohl das Pipelinedrama zwischen zwischen Bagdhad, Türkei, Kurdistan und Ölfirmen nach wie vor nicht gelöst ist. Wobei die Iraner in dieser Melange auch noch mit auf Nord Irak Kurdistan abgeschossenene Raketen/Drohnen mitmischen und die USA dort eine grosse Botschaft betreiben. Abgesehen von den Russen und Chinesen die ebenfalls dort investiert sind.
(mMn könnte ein Ausweg sein dass die Ölfirmen mit den Kurden eine gewichtige Raffinerie gründen in Nord Irak Kurdistan und den Diesel selbst verkaufen. Wer weiss was die Milliardäre im Hinterkopf haben. )
Antwort auf Beitrag Nr.: 73.312.049 von MrArbogast2 am 17.02.23 07:39:43Disentangling Kurdistan’s exports challenge
Local sales are “negative for Kurdistan, in that there is no new investment in these circumstances. I don’t expect anyone to drill, to increase production beyond March 2023 rates [prior to the pipeline closure]."
By Ed Reed
22/11/2023, 7:00 am
Photo of Ed Reed
Pipes against a blue sky
ShaMaran at work in Kurdistan
Geologically, Kurdistan’s resources are not in question. In the last year, though, oil exports have frozen as a result of commercial and political obstacles.
Association of the Petroleum Industry of Kurdistan (APIKUR) is a pressure group made up of the local producers. A recent statement from the group set out conditions before full production, and exports, could restart.
One of the companies involved is ShaMaran Petroleum, part of the Lundin Group. CEO Garrett Soden told Energy Voice that discussion of a quick return to exports was premature. “APIKUR has made it clear that the IOCs would need to know how and when they’re going to be paid for past and future oil exports.”
Discussion tends to focus on the pipeline, which runs from Kurdistan into Turkey and an export terminal. The central government in Baghdad now controls the pipeline. It must reach an agreement with Turkey and Kurdistan to reopen the link – but also the companies producing the oil in Kurdistan.
The producers, all independents following the withdrawal of majors, complain they have not been paid by the Kurdistan Regional Government (KRG) since October 2022.
Resuming exports, therefore, requires political and commercial agreements.
There are two sticking points, for APIKUR. The producers must have certainty around payments and receiving the money. But they must also be assured of their existing commercial terms.
Iraqi officials have talked of the need to “adjust” production-sharing contracts (PSCs), given that these types of agreement do not exist under federal law.
A recent report from law firm Amereller noted that Kurdistan’s PSCs are “more favourable to private investors than the technical services contracts (TSCs) and development and production services contracts (DPSCs)” signed by Iraq’s Ministry of Oil. Iraq’s contracts provide cost recovery and a fee per barrel.
Tackling payments
One of the companies involved is ShaMaran Petroleum, part of the Lundin Group.
The companies working in Kurdistan have contracts with the regional government, Soden said, “which we want to respect. As long as we’re paid according to our contractual terms, we’re willing to produce. There’s a significant amount of receivables owed for oil sales from October 2022 to March 2023.”
Under existing contracts, the Kurdistan Regional Government (KRG) is supposed to settle invoices for crude production monthly, with payment within 45 days.
“There is a history of delayed payments by the KRG, that were recovered over time – until the pipeline was shut in,” the ShaMaran CEO said.
The KRG is now caught in a bind. The region was due to produce 400,000 barrels per day, with Iraq’s central government paying 12.6% of the federal budget to Kurdistan.
The pipeline closure halted exports, but without progress on the receivables, the Kurdistan producers are reluctant to resume.
One solution would be for Iraq’s SOMO to step in as suggested by the Iraq 2023-2025 budget law passed in June. APIKUR has held talks on this possibility.
“We would have transparent sales at market prices, without intermediaries,” Soden said. “It would make sense to sell direct to SOMO. It would respect the PSCs that are in place, as we have the right to sell our share of production.”
Local sales
In the meantime, the companies are making some progress in local sales. ShaMaran’s two fields, Atrush and Sarsang, are now sending oil to local refineries by truck or pipeline. The average netback from Sarsang in the third quarter was just over $39 per barrel.
While local prices are below those in the international market, payments are made on time and “in some cases, there’s pre-payment for oil sales”, Soden said.
ShaMaran is generating positive cash flow, the executive said. The local producers have all cut costs and local sales provide scope to at least break-even.
However, local sales are “negative for Kurdistan, in that there is no new investment in these circumstances. I don’t expect anyone to drill, to increase production beyond March 2023 rates [prior to the pipeline closure]. These [local] oil prices will not support significant investment, even to arrest the natural decline rate.”
Local demand is growing, Soden said, and there have been some signs of increasing prices as more local traders and refineries look to take advantage of the oil price arbitrage.
Opportunity set
Financially, ShaMaran is in “good shape”, Soden explained. The company received a bond waiver in July. “Based on our expected local sales, with both assets producing, we can cover our costs, including interest and amortisation, for more than 12 months.”
The company has $28mn of its own bonds, which it can sell or use for amortization payments. This is in addition to $67mn in cash and receivables of $95mn. “We have various levers to pull as the situation evolves,” Soden said.
While the short term is challenging, the ShaMaran CEO was optimistic about the future. The company has carried out acquisitions in the past, with Marathon Oil at Atrush and TotalEnergies at Sarsang.
“There’s a good case for continuing consolidation in Kurdistan. There is of course regional political uncertainty, but the geology is good, operating costs are relatively low, and there are always assets for sale at the right price. We’re moving in a positive direction and the upside could be significant.”
There have been suggestions that oil exports could restart by the new year. This requires a number of challenging steps to be resolved, not least on contract terms.
ShaMaran, and others, can wait for now, but pressure is building on both sides to achieve a compromise and unlock those barrels – and resulting revenues.
https://www.energyvoice.com/oilandgas/middle-east/exploratio…
Local sales are “negative for Kurdistan, in that there is no new investment in these circumstances. I don’t expect anyone to drill, to increase production beyond March 2023 rates [prior to the pipeline closure]."
By Ed Reed
22/11/2023, 7:00 am
Photo of Ed Reed
Pipes against a blue sky
ShaMaran at work in Kurdistan
Geologically, Kurdistan’s resources are not in question. In the last year, though, oil exports have frozen as a result of commercial and political obstacles.
Association of the Petroleum Industry of Kurdistan (APIKUR) is a pressure group made up of the local producers. A recent statement from the group set out conditions before full production, and exports, could restart.
One of the companies involved is ShaMaran Petroleum, part of the Lundin Group. CEO Garrett Soden told Energy Voice that discussion of a quick return to exports was premature. “APIKUR has made it clear that the IOCs would need to know how and when they’re going to be paid for past and future oil exports.”
Discussion tends to focus on the pipeline, which runs from Kurdistan into Turkey and an export terminal. The central government in Baghdad now controls the pipeline. It must reach an agreement with Turkey and Kurdistan to reopen the link – but also the companies producing the oil in Kurdistan.
The producers, all independents following the withdrawal of majors, complain they have not been paid by the Kurdistan Regional Government (KRG) since October 2022.
Resuming exports, therefore, requires political and commercial agreements.
There are two sticking points, for APIKUR. The producers must have certainty around payments and receiving the money. But they must also be assured of their existing commercial terms.
Iraqi officials have talked of the need to “adjust” production-sharing contracts (PSCs), given that these types of agreement do not exist under federal law.
A recent report from law firm Amereller noted that Kurdistan’s PSCs are “more favourable to private investors than the technical services contracts (TSCs) and development and production services contracts (DPSCs)” signed by Iraq’s Ministry of Oil. Iraq’s contracts provide cost recovery and a fee per barrel.
Tackling payments
One of the companies involved is ShaMaran Petroleum, part of the Lundin Group.
The companies working in Kurdistan have contracts with the regional government, Soden said, “which we want to respect. As long as we’re paid according to our contractual terms, we’re willing to produce. There’s a significant amount of receivables owed for oil sales from October 2022 to March 2023.”
Under existing contracts, the Kurdistan Regional Government (KRG) is supposed to settle invoices for crude production monthly, with payment within 45 days.
“There is a history of delayed payments by the KRG, that were recovered over time – until the pipeline was shut in,” the ShaMaran CEO said.
The KRG is now caught in a bind. The region was due to produce 400,000 barrels per day, with Iraq’s central government paying 12.6% of the federal budget to Kurdistan.
The pipeline closure halted exports, but without progress on the receivables, the Kurdistan producers are reluctant to resume.
One solution would be for Iraq’s SOMO to step in as suggested by the Iraq 2023-2025 budget law passed in June. APIKUR has held talks on this possibility.
“We would have transparent sales at market prices, without intermediaries,” Soden said. “It would make sense to sell direct to SOMO. It would respect the PSCs that are in place, as we have the right to sell our share of production.”
Local sales
In the meantime, the companies are making some progress in local sales. ShaMaran’s two fields, Atrush and Sarsang, are now sending oil to local refineries by truck or pipeline. The average netback from Sarsang in the third quarter was just over $39 per barrel.
While local prices are below those in the international market, payments are made on time and “in some cases, there’s pre-payment for oil sales”, Soden said.
ShaMaran is generating positive cash flow, the executive said. The local producers have all cut costs and local sales provide scope to at least break-even.
However, local sales are “negative for Kurdistan, in that there is no new investment in these circumstances. I don’t expect anyone to drill, to increase production beyond March 2023 rates [prior to the pipeline closure]. These [local] oil prices will not support significant investment, even to arrest the natural decline rate.”
Local demand is growing, Soden said, and there have been some signs of increasing prices as more local traders and refineries look to take advantage of the oil price arbitrage.
Opportunity set
Financially, ShaMaran is in “good shape”, Soden explained. The company received a bond waiver in July. “Based on our expected local sales, with both assets producing, we can cover our costs, including interest and amortisation, for more than 12 months.”
The company has $28mn of its own bonds, which it can sell or use for amortization payments. This is in addition to $67mn in cash and receivables of $95mn. “We have various levers to pull as the situation evolves,” Soden said.
While the short term is challenging, the ShaMaran CEO was optimistic about the future. The company has carried out acquisitions in the past, with Marathon Oil at Atrush and TotalEnergies at Sarsang.
“There’s a good case for continuing consolidation in Kurdistan. There is of course regional political uncertainty, but the geology is good, operating costs are relatively low, and there are always assets for sale at the right price. We’re moving in a positive direction and the upside could be significant.”
There have been suggestions that oil exports could restart by the new year. This requires a number of challenging steps to be resolved, not least on contract terms.
ShaMaran, and others, can wait for now, but pressure is building on both sides to achieve a compromise and unlock those barrels – and resulting revenues.
https://www.energyvoice.com/oilandgas/middle-east/exploratio…
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Mehr als überfällige Zahlung
SHAMARAN AUGUST 2022 PAYMENT RECEIVED
January 20, 2023
VANCOUVER, BC, Jan. 20, 2023 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North Growth Market: SNM) confirms receipt of payment today for August 2022 crude oil sales in the amount of $9.36 million net to the Company. View PDF version
OTHER
SHAMARAN AUGUST 2022 PAYMENT RECEIVED
January 20, 2023
VANCOUVER, BC, Jan. 20, 2023 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North Growth Market: SNM) confirms receipt of payment today for August 2022 crude oil sales in the amount of $9.36 million net to the Company. View PDF version
OTHER
Antwort auf Beitrag Nr.: 72.804.629 von texas2 am 23.11.22 19:32:23Seit Nov 2022 tun sich die kurdischen Iraker wieder einmal schwer das produzierte Öl zu bezahlen. Zusätzlich haben sie die vertraglichen Randbedingungen ein wenig verschlechtert für die produzierenden Ölfirmen.
https://www.iraqoilreport.com/news/new-krg-policy-shifts-oil…
https://www.iraqoilreport.com/news/new-krg-policy-shifts-oil…
Antwort auf Beitrag Nr.: 72.783.530 von texas2 am 19.11.22 15:27:54
VANCOUVER, BC, Nov. 22, 2022 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market (Sweden): SNM) confirms receipt of payment today for July 2022 crude oil sales $10.7 million net to the Company. With this payment the total amount received for the month of July 2022 crude oil sales is $24.29 million net to the Company. View PDF version
VANCOUVER, BC, Nov. 22, 2022 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market (Sweden): SNM) confirms receipt of payment today for July 2022 crude oil sales $10.7 million net to the Company. With this payment the total amount received for the month of July 2022 crude oil sales is $24.29 million net to the Company. View PDF version
VANCOUVER, BC, Nov. 18, 2022 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market: SNM) confirms receipt of payment for the June 2022 Atrush crude oil sales invoice in the amount of $13.59 million net to the Company. View PDF Version
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