ShaMaran provides corporate update
Monday, Dec 03, 2012
ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM)("ShaMaran" or the "Company") is pleased to provide the following corporate update.
General Exploration Partners Inc. ("GEP") has signed a purchase and sale agreement to sell 53.2% of its participating interest in the Atrush Block to Abu Dhabi National Energy Company PJSC ("TAQA"). In conjunction with the sale, Aspect Energy International, LLC will divest itself of any interest in GEP, leaving ShaMaran Ventures B.V. (a wholly owned subsidiary of ShaMaran) as the sole interest holder of GEP's remaining participating interest. The agreement is subject to the final approval by the Kurdistan Regional Government and obtaining necessary partner consents.
Following the closing of the transaction, and subject to the Kurdistan Regional Government's 25% carried option, the Atrush Block will be held 53.2% by TAQA, 26.8% by GEP, and 20% by Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO).
Pradeep Kabra, President and CEO of ShaMaran, commented, "We are pleased to note that TAQA has acquired a significant interest in the Atrush Block. TAQA will bring strengths and synergies which will assist with development of the block and we look forward to working closely with them."
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