VANCOUVER, BC, Oct. 28,
2024 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran"
or the "Company") (TSXV: SNM) (Nasdaq First North: SNM)
announces the market purchase and cancellation of $2.1 million of the Company's
12% senior unsecured bond (ISIN NO0011057622) (the "Bond"). The
total outstanding amount of the Bond as of the date of this press
release is $200.0 million. PDF Version
ShaMaran plans to publish its financial statements for the nine
months ending September 30, 2024, on
November 7, 2024. Except as otherwise indicated,
all currency amounts indicated as "$" in this news release are
expressed in United States
dollars.
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian independent oil and gas company focused
on the Kurdistan region of
Iraq. The Company indirectly holds
an 18% working interest (22.5% paying interest) in the Sarsang
Block and a 50% working interest (66.67% paying interest) in the
Atrush Block. The Company is listed in Toronto on the TSX Venture Exchange and in
Stockholm on Nasdaq First North
Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group
of Companies.
Important Information
ShaMaran is obliged to make this information public pursuant
to the EU Market Abuse Regulation. This information was submitted
for publication through the agency of the contact person set out
below on October 28, 2024, at
5:30 p.m. Eastern Time.
The Company's certified advisor on Nasdaq First North Growth
Market is FNCA Sweden AB.
Forward-Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects and
opportunities, which are based on assumptions of
management.
The use of any of the words "will", "expected", "planned" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of certain future events.
Certain information set forth in this news release contains
forward-looking statements including, but not limited to,
expectations and timing of the ITP reopening and its effect on the
Company, expected increase in production in Sarsang and Atrush and
the impact of the anticipated closing of a previously announced
transaction on the Company's indirect working interest in the
Atrush Block. These forward-looking statements involve risks and
uncertainties relating to, among other things, changes in oil
prices, results of exploration and development activities,
including results, timing and costs of seismic, drilling and
development related activity in the Company's area of operations,
uninsured risks, regulatory changes, defects in title, availability
of funds required to participate in the development activities,
availability of financing on reasonable terms, availability of
materials and equipment on satisfactory terms, outcome of
commercial negotiations with government and other regulatory
authorities, timeliness of government or other regulatory
approvals, actual performance of facilities, availability of third
party service providers, equipment and processes relative to
specifications and expectations and unanticipated environmental
impacts on operations. The risks outlined above should not be
construed as exhaustive. Additional information on these and other
factors that could affect the Company's operations and financial
results are included in the Company's annual information form for
the year ended December 31, 2023, and
other reports on file with the Canadian Securities Regulatory
Authorities that can be accessed on the Company's profile on
SEDAR+. Actual future results may differ materially. Various
assumptions or factors are typically applied in drawing conclusions
or making the forecasts or projections set out in forward-looking
information. With respect to the forward-looking statements in this
news release, the Company has made assumptions regarding, among
other things, local sales demand and prices, the timing and
conditions to the reopening of the ITP, impact of the completion of
the TAQA/HKN transaction, future oil and gas prices and that the
Company will continue to raise sufficient capital to fund its
operations. Those assumptions and factors are based on information
currently available to the Company. The forward-looking information
contained in this release is made as of the date hereof, and the
Company is not obligated to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as required by applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE ShaMaran Petroleum Corp.
