ShaMaran Petroleum Corp. is a junior oil and gas company operating in the energy sector. ShaMaran Petroleum is focused on the exploration and development of oil fields and properties.
Originally, the company was founded on October 3, 1991, as Arauco Resources Corporation under the provincial law of British Columbia. Later, on October 1, 2009, the company renamed itself to ShaMaran Petroleum.
ShaMaran Petroleum Corp. is publicly listed on the TSXV, trading under the ticker symbol SNM. The energy exploration company also trades its shares on the NASDAQ First North Growth Market under the same stock symbol.
General Exploration Partners, Inc., a 100 per cent owned subsidiary of ShaMaran, owns a 27.6 per cent working stake in the Atrush Block, an oil field project in Kurdistan, northern Iraq.
ShaMaran Petroleum already completed the first phase of the Field Development Plan in July 2017 with oil production. Till June 2021, the company produced more than 45 million barrels of oil.
The Kurdistan-focused oil company defined oil production expectations for the year 2021, ranging from 39,000 barrels of oil per day to 44,000 barrels of oil per day. The company would plan further the development and exploration operations based on the production output, appraisal data and economic conditions.
The West Georgia Street, Vancouver-based oil explorer, is a member company of the Lundin Group and can gain from the experience and specialization of the group. As the global oil market faced challenges due to the COVID-19 pandemic, the Atrush Block sufficed to the production expectations with minimum lifting costs.
The company planned the 2021 capital expenditures to be US$14.7 million (net) for drilling and completing an oil production well and gas solution project to minimize its environmental footprint.
In a press release dated July 12, 2021, ShaMaran Petroleum Corp. acquired TEPKRI Sarsang A/S, a subsidiary company of TotalEnergies S.E. The acquired entity owns 18 per cent non-operated participating interest in the Sarsang PSC, in Kurdistan. For the complete details about the acquisition agreement and transaction, please refer to the company’s website.