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ShaMaran Petroleum Corp
Symbol SNM
Shares Issued 810,983,860
Close 2014-04-16 C$ 0.44
Market Cap C$ 356,832,898
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ShaMaran's Atrush-4 well tests at maximum of 9,059 bopd

2014-04-16 17:40 ET - News Release

Mr. Pradeep Kabra reports

SHAMARAN ANNOUNCES ATRUSH-4 WELL TESTS RESULTS

ShaMaran Petroleum Corp. is providing the results of the Atrush-4 appraisal/development well drilled in the Kurdistan region of Iraq.

The AT-4 well was spudded on Oct. 20, 2013, using the DQE31 drilling rig and reached a total depth of 2,916 metres (measured depth) on Jan. 23, 2014. The well was a deviated well from the AT-1 well pad with the bottomhole location approximately 2.2 kilometres southeast of the surface location.

Three separate cased-hole drill stem tests were conducted in the Jurassic reservoir with maximum rates totalling 9,059 barrels of oil per day of 27-degree to 28-degree API from two of the tests. None of the tests produced formation water. Downhole samples for PVT analysis and surface samples for oil assay studies were taken. Well testing operations were completed on April 7, 2014. AT-4 has been suspended as a phase 1 producer. The drilling rig is now moving to drill the Chiya Khere-5 development well, which is expected to spud in May, 2014.

The Atrush block is operated by Taqa Atrush BV, a subsidiary of Abu Dhabi National Energy Company PJSC, which holds a 39.9-per-cent working interest in the block. ShaMaran Petroleum holds a 20.1-per-cent working interest through its wholly owned subsidiary, ShaMaran Ventures BV (100-per-cent owner of General Exploration Partners Inc.). Marathon Oil KDV BV, a wholly owned subsidiary of Marathon Oil Corp., holds a 15-per-cent working interest in the block. Subsequent to its back-in, the government of the Kurdistan region of Iraq holds a 25-per-cent working interest.

We seek Safe Harbor.

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