ShaMaran Petroleum has finalized a strategic move to increase its ownership in the Atrush Block in Kurdistan. Currently holding a 27.6% interest, ShaMaran aims to boost it to 50% through a two-step transaction. As part of this, HKN Energy IV, an affiliate of HKN Energy, will acquire a 25% working interest and take over the role of operator. Garrett Soden, ShaMaran’s President and CEO, emphasized the consolidation strategy in Kurdistan, mentioning the acquisition of TAQA’s 47.4% interest and the sale of a 25% interest to HKN IV.
ShaMaran and HKN are already collaborating in the Sarsang block, reinforcing their partnership. In the first phase of the transaction, ShaMaran’s subsidiary, General Exploration Partners, made an agreement with TAQA International B.V. to acquire TAQA Atrush B.V. Following this, in the second phase, a new subsidiary of General Exploration Partners, GEP2, will receive a 25% working interest in the Atrush Production Sharing Contract. Simultaneously, GEP has inked a deal to sell GEP2 to HKN IV, enabling them to secure a 25% working interest and the role of operator in the Atrush PSC. This strategic maneuver aligns with ShaMaran’s ongoing efforts to strengthen its position in the region.
About ShaMaran Petroleum:
ShaMaran Petroleum Corp. operates as an independent oil and gas company, extracting resources from two contiguous blocks located in the Kurdistan region of Iraq. The company possesses a 27.6% stake in the Atrush Block and an 18% stake in the Sarsang Block. Up to this point, the combined production from its fields has exceeded 120 million barrels on a 100% basis.
The primary focus of ShaMaran is to unlock the substantial reserves and enhance production in its projects. It is noteworthy that ShaMaran is affiliated with the Lundin Group of companies. For a comprehensive understanding of the company’s projects, business description, reserves, and associated risk factors, it is recommended to refer to the latest Management Discussion and Analysis (MD&A) and Annual Information Form.
About HKN Energy:
HKN Energy Ltd. is an independent energy company operating in the Kurdistan Region of Iraq, specializing in oil exploration and production. The company’s primary focus is on enhancing the output of the Sarsang Block, situated in the prolific Zagros fold and thrust belt of Northern Kurdistan. This block spans 420 km2 and encompasses two distinct producing fields, namely Swara Tika and East Swara Tika, each hosting three separate Triassic oil reservoirs.
The team at HKN Energy is highly experienced and diverse, having collective work experience in more than 80 different countries. The company is dedicated to cultivating a corporate culture guided by its Core Values, which include Integrity, Respect, Excellence, and Teamwork.
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