ShaMaran announces Atrush oil sales agreement signed
Monday, Oct 02, 2017
ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the "Company") is pleased to report that an agreement for the sale of Atrush oil has been signed between Taqa Atrush BV. (on behalf of the Atrush co-venturers) and the Kurdistan Regional Government ("KRG"). Under the agreement, the KRG will buy oil exported from the Atrush field by pipeline at the Atrush block boundary based upon the Dated Brent oil price minus approximately $16/bbl for quality discount and all local and international transportation costs. This discount is based on the same principles as other oil sales agreements in the Kurdistan Region of Iraq.

Furthermore, we are pleased to report that Atrush has achieved regular export of more than 22,000 barrels of oil equivalent per day. Production is expected to ramp up in 2017 to the facilities' design capacity of 30,000 barrels of oil equivalent per day.

Chris Bruijnzeels, President and CEO of ShaMaran, commented "I am very glad that we concluded the Sales Agreement with the KRG, which allows us to proceed with invoicing for oil exported from the Atrush field. Furthermore Atrush is performing according to expectations and production ramp up in Atrush is going according to plan."


This is information that ShaMaran Petroleum Corp. is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, by the persons below at 8:00 a.m. Toronto Time on September 29, 2017.


ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 20.1% direct interest in the Atrush oil discovery. The Atrush Block is currently undergoing an appraisal and development campaign.

ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ First North Exchange (Stockholm) under the symbol "SNM". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Pareto Securities AB is the Company's Certified Advisor on NASDAQ First North.

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