Shamaran Announces Sarsang Lifting Agreement Amendment Signed With KRG

Source: 10/4/2022, Location: Middle East

ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSXV: SNM) (Nasdaq First North Growth Market (Sweden): SNM) confirms that the Sarsang operator, on behalf of itself and the Company’s wholly-owned subsidiary, ShaMaran Sarsang A/S, has signed an amendment to the Sarsang Block Lifting Agreement with the Kurdistan Regional Government regarding the sale and purchase of all crude oil production from Sarsang Block. This amendment became effective retroactively to September 1, 2022. The primary effect of the new Lifting Agreement is to change the reference price for Sarsang crude oil sales payments from Dated Brent to KBT (Kurdistan Blend) in order to reflect current market conditions for oil sales at Ceyhan, together with the necessary adjustments for crude quality due to the crude benchmark change.

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