VANCOUVER, June 8, 2018 /CNW/ - ShaMaran Petroleum Corp.
("ShaMaran" or the "Company") (TSX VENTURE: SNM) (Nasdaq Stockholm:
SNM) reports that following the partial blockage of the heat
exchanger in the production facility at the Atrush field in
Kurdistan, sediment samples have
been analysed and it has been confirmed that the blockage was
caused by salt the source of which is likely to be drilling fluid
losses during drilling of the Chiya Khere 5 ("CK5") and Atrush 2
wells and is now being back-produced with the oil. View News
Release in PDF Format.
The heat exchanger has been successfully cleaned. Trials with
injecting fresh water at the CK-5 wellhead and separating salt
water out at the separator have significantly reduced the amount of
salt going through the rest of the system.
Currently Atrush oil production is approximately 20,000
bopd.
Water injection at the wellhead will continue and it is the
intention to gradually increase production whilst carefully
monitoring the facilities. Water injection is currently limited due
to limited disposal capacity, which will be increased following the
drilling and completion of the Chiya Khere 9 water disposal well in
the second half of 2018.
Work on the tie-in of the Chiya Khere 7 production well
progresses well and the tie-in is expected in July 2018 following a planned shutdown of the
facilities. The Chiya Khere 10 well is currently drilling and is
expected to be ready for production later in Q3 2018. It is
expected that with the addition of these two wells Atrush well
production capacity will be over 30,000 bopd.
OTHER
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
2:30 p.m. Pacific Time on
June 8, 2018.
ABOUT SHAMARAN
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and
exploration company with a 20.1% direct interest in the Atrush oil
discovery. As announced in ShaMaran's June
4, 2018 news release, the Company has signed an agreement
with Marathon Oil KDV B.V. to acquire its 15% interest in the
Atrush Block. The Atrush Block is currently undergoing an appraisal
and development campaign. Production from Atrush commenced in
July 2017.
ShaMaran is a Canadian oil and gas company listed on the TSX
Venture Exchange and the NASDAQ Stockholm First North Exchange
(Sweden) 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 Stockholm First North.
FORWARD LOOKING STATEMENTS
This news release contains statements and
information about expected or anticipated future events and
financial results that are forward-looking in nature and, as a
result, are subject to certain risks and uncertainties, such as
legal and political risk, civil unrest, general economic, market
and business conditions, the regulatory process and actions,
technical issues, new legislation, competitive and general economic
factors and conditions, the uncertainties resulting from potential
delays or changes in plans, the occurrence of unexpected events and
management's capacity to execute and implement its future plans.
Any statements that are contained in this news release that are not
statements of historical fact may be deemed to be forward-looking
information. Forward-looking information typically contains
statements with words such as "may", "will", "should", "expect",
"intend", "plan", "anticipate", "believe", "estimate", "projects",
"potential", "scheduled", "forecast", "outlook", "budget" or the
negative of those terms or similar words suggesting future
outcomes. The Company cautions readers regarding the reliance
placed by them on forward‐looking information as by its nature, it
is based on current expectations regarding future events that
involve a number of assumptions, inherent risks and uncertainties,
which could cause actual results to differ materially from those
anticipated by the Company.
Actual results may differ materially from those projected by
management. Further, any forward-looking information is made only
as of a certain date and the Company undertakes no obligation to
update any forward-looking information or statements to reflect
events or circumstances after the date on which such statement is
made or reflect the occurrence of unanticipated events, except as
may be required by applicable securities laws. New factors emerge
from time to time, and it is not possible for management of the
Company to predict all of these factors and to assess in advance
the impact of each such factor on the Company's business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking information.
SOURCE ShaMaran Petroleum Corp.