ShaMaran Sells Interest in Taza Block

Source: www.gulfoilandgas.com 8/20/2012, Location: Middle East

ShaMaran Petroleum Corp. is pleased to announce the sale of ShaMaran's entire 20% undivided participating interest in the Taza PSC (held by the fully-owned subsidiary ShaMaran Petroleum B.V.) to a subsidiary of Total S.A. for the cash sum of US$ 48 million plus a reimbursement for costs incurred on joint operations from the 1st April 2012 until the closing date.

The Taza-1 exploration well is currently drilling on the Taza prospect, which is located approximately 80 kilometers southwest of the city of Sulaimaniya. The exploration well is planned to a depth of 3,250 meters.

Prior to the sale ShaMaran held a 20% participating interest in the Taza Block. Oil Search (Iraq) Limited holds a 60% participating and is the Operator of the Block. The remaining 20% interest in the block is held by the Kurdistan Regional Government of Iraq and was carried by ShaMaran and Oil Search.


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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