ShaMaran Petroleum shares fell by 33% on Thursday following this update on its Pulkhana and Arbat blocks in Kurdistan:
ShaMaran Petroleum is in the process of examining options to re-focus its asset base in Kurdistan and as a consequence has agreed with the Kurdistan Regional Government to suspend operations on both the Pulkhana and Arbat blocks.
The Company is presently in negotiation with the Ministry of Natural Resources in Kurdistan regarding the future obligations on the Arbat and Pulkhana blocks. A further update will be provided when this negotiation is concluded.
ShaMaran President and CEO Pradeep Kabra commented:
“While we are disappointed with the technical results obtained on the Pulkhana and Arbat blocks, we remain excited by our Atrush development and Taza exploration projects. We are fully committed to our efforts in Kurdistan and continue to explore new opportunities to grow our presence in the country.”