ShaMaran: Increased Contingent Resources at Atrush

ShaMaran Petroleum has announced an update of estimated contingent and prospective resources for the Atrush block provided by third party auditors McDaniel & Associates prepared as at December 31, 2012 in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).

McDaniel estimates have taken into account the results of the Atrush-2 well (including the additional discovery in the Butmah formation) and remapping based on the recently acquired 3D seismic. The Triassic Kurra Chine C is a new Prospective Resource for 2012 based on 3D seismic and reported results from nearby wells.

 

 

Pradeep Kabra (pictured), President and CEO of ShaMaran commented:

We are pleased with the significant increase in the contingent resources in the Atrush field following the success of the Atrush-2 well in 2012 and will continue to focus on the appraisal and development of the Atrush Field.

In summary, the changes in gross Contingent resources for the Atrush field by category between 2011 and 2012 are (MMBOE):

The Atrush Block (subject to the Kurdistan Regional Government’s 25% carried option) is operated by the Abu Dhabi National Energy Company PJSC (“TAQA”) which holds a 53.2% working interest. ShaMaran Petroleum Corp., through its wholly owned subsidiary General Exploration Partners Inc. (“GEP”) holds a 26.8% working interest. Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE:MRO), holds a 20% interest in the block. Atrush resource estimates presented represent solely the view of GEP and its experts.

(Source: ShaMaran)

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