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ShaMaran Completes Acquisition and Provides Production Update

Source: www.gulfoilandgas.com 5/31/2019, Location: Middle East

ShaMaran Petroleum Corp. (ShaMaran) is pleased to announce the completion of its acquisition of an additional 7.5% participating interest in the Atrush Block, previously announced on April 3, 2019, bringing ShaMaran’s total interest in Atrush up to 27.6%.

ShaMaran also announces that Atrush has been producing at approximately 32,000 barrels of oil per day. The Company maintains its daily average production guidance for 2019 as previously published on February 15, 2019.

Adel Chaouch, President and CEO of ShaMaran, commented “Closing this Acquisition is a significant achievement for our Company and the recent production results are both positive and in line with our expectations. The Company is now well positioned for its next phase of growth.”

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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  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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