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ShaMaran announces Atrush oil sales agreement

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World Pipelines,

ShaMaran Petroleum Corp. (ShaMaran) is pleased to report that an agreement for the sale of Atrush oil has been signed between Taqa Atrush B.V. (on behalf of the Atrush co-venturers) and the Kurdistan Regional Government (KRG).

Under the agreement, the KRG will buy oil exported from the Atrush field by pipeline at the Atrush block boundary based upon the Dated Brent oil price minus approximately US$16/bbl for quality discount and all local and international transportation costs. This discount is based on the same principles as other oil sales agreements in the Kurdistan Region of Iraq.

Furthermore, we are pleased to report that Atrush has achieved regular export of more than 22 000 boe/d. Production is expected to ramp up in 2017 to the facilities’ design capacity of 30 000 boe/d.

Chris Bruijnzeels, President and CEO of ShaMaran, commented: “I am very glad that we concluded the sales agreement with the KRG, which allows us to proceed with invoicing for oil exported from the Atrush field. Furthermore, Atrush is performing according to expectations and production ramp up in Atrush is going according to plan.”

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