ShaMaran Petroleum Q2 Results

The cash position of the Company decreased by $43.1 million during first six months of 2012. The main reasons for the decrease in the cash position was the payment to the KRG of $25 million in relinquishment fees and the outflow of funds to decrease accounts payable and accrued expenses by $19.7 million. In addition the Company spent $8.4 million on its exploration and appraisal activities in Kurdistan and received $10 million in short term financing on April 2, 2012.

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