INDEPENDENT explorer ShaMaran Petroleum acquires one third stake in General Exploration Partners (GEP), which will give it a slice of a prolific exploration block in Iraq’s Kurdistan region.
Under the terms of the deal, ShaMaran will acquire a 33.5% stake in General Exploration Partners for an initial cash payment of US$24.1 million, 12.5 million shares in ShaMaran and a future obligation to commit $15.9 million for fund operations on the Atrush Block. Thereafter, each of the shareholders of GEP will fund operations pro-rata.
Atrush Block, located north and adjacent to the major new Shaikan discovery, is currently 80% held by General Exploration Partners and 20% by the Kurdistan Regional Government.
The block is estimated to hold between 1.9 billion barrels and 7.4 billion barrels, with a mean of 4.2 billion barrels of oil.
The Atrush 1 exploration well is expected to spud in September, and will be drilled to a depth of 3100 meters.
ShaMaran Petroleum`s other projects include the Pulkhana development/appraisal block and the Arbat and K42 exploration blocks.
Subscribe to this comment's feed
