ShaMaran Confirms Extension Of Field Area

DST3 was performed over an 18m interval of the Sargelu formation. The well was produced at rates up to 600 bopd (surface oil measurements ranged between 12° & 14° API).

All rates are rough estimates only due to an inability (for technical reasons) to route fluids through the test separator. Bottomhole samples from the DSTs will undergo PVT analysis over the coming weeks. AT-3 has been suspended as a potential future producer.

Other activity includes work on the Atrush Block Field Development Plan ("FDP") which culminated with its submission for approval to the KRG on May 6, 2013, in accordance with the terms of the PSC. The FDP was presented in detail to the Ministry of Natural Resources ("MNR") in June 2013 and discussions are progressing with the MNR towards obtaining necessary approval for the plan.

In June 2013, a successful interference test was successfully completed between AT-1 and AT-2 which has provided valuable reservoir information. The wells, which are 3.1km apart, confirmed pressure communication and multi Darcy horizontal permeability through the fracture system in the BSAM reservoir.

ShaMaran President and CEO Pradeep Kabra (pictured) commented:

"The results of the AT-3 well are important for the future development of the Atrush Field. Our objective is to put the field into production as early as possible to take advantage of the improving political and economic conditions in the region. We look forward to the results of the Atrush-4 well (targeting the undrilled updip area of the field) which is due to spud in the next few weeks."

The Atrush Block is operated by TAQA Atrush B.V., a subsidiary of Abu Dhabi National Energy Company PJSC which holds a 39.9% working interest in the Block. ShaMaran Petroleum Corp. holds a 20.1% working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100% owner of General Exploration Partners, Inc.). Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 15% interest in the block. Subsequent to their back-in the Government of the Kurdistan Region of Iraq holds a 25% working interest.

(Source: ShaMaran)