VANCOUVER, BC, Oct. 3, 2022
/CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the
"Company") (TSXV: SNM) and (Nasdaq
First North Growth Market (Sweden): SNM) is pleased to announce that
the Company has prepaid in full (together with applicable interest)
the Convertible Loan Note issued to an affiliate of
TotalEnergies SE in connection with the closing of the
Sarsang acquisition announced September 14, 2022. The total consideration
of USD 155 million has now been fully
paid by the Company for the acquisition and only a contingent
payment of USD 15 million remains to
be payable in the future upon (i) cumulative gross
production from the Sarsang PSC reaching 130 million
barrels of oil and (ii) subject to Brent crude oil prices averaging
at least USD 60 per barrel for a
twelve months' period. View PDF version
Dr. Adel Chaouch, President and
Chief Executive Officer of ShaMaran commented, "We are executing on
our strategic vision to be a world class producer in Kurdistan with sustainable growth,
low-leverage and significant cash flow generation. We have a strong
cash position, and in the current oil price environment, we expect
continued strengthening of our financial and operational
metrics."
OTHER
This information contains information that
ShaMaran is obliged to make public pursuant to the EU Market Abuse
Regulation. This information was submitted for publication,
through the agency of the contact persons set out below, on
October 3, 2022 at 5:30 p.m. Eastern Time. Arctic Securities
AS (Swedish branch) is the Company's Certified Adviser on Nasdaq
First North Growth Market (Sweden)
+46 844 68 61 00, certifiedadviser@arctic.com.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
ABOUT SHAMARAN
ShaMaran is a Kurdistan focused oil development and
exploration company which holds a 27.6% interest, through its
wholly-owned subsidiary General Exploration Partners, Inc., in the
Atrush Block and holds an 18% interest through its wholly-owned
subsidiary ShaMaran Sarsang A/S in the Sarsang Block.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the Nasdaq First North Growth Market
(Sweden) under the symbol "SNM"
and is part of the "Lundin Group of Companies".
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SOURCE ShaMaran Petroleum Corp.