Feb 04, 2013 - 02:00 ET
ShaMaran Announces an Increase in Contingent Resources
 
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 4, 2013) - ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the "Company") is pleased to provide an update of estimated contingent and prospective resources for the Atrush block provided by third party auditors McDaniel & Associates ("McDaniel") prepared as at December 31, 2012 in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).

McDaniel estimates have taken into account the results of the Atrush-2 well (including the additional discovery in the Butmah formation) and remapping based on the recently acquired 3D seismic. The Triassic Kurra Chine C is a new Prospective Resource for 2012 based on 3D seismic and reported results from nearby wells.

PROPERTY GROSS ESTIMATED CONTINGENT RESOURCES - ATRUSH JURASSIC OIL DISCOVERY*
AS OF DECEMBER 31, 2012
MBBL, MMCF (1) (2) (3) (4)
* Barsarin, Sargelu, Alan, Mus, Adaiyah & Butmah formations
 
  Low
Estimate (1C)
Best
Estimate (2C)
Mean
Estimate
High
Estimate (3C)
Crude Oil (Mbbl) 392,561 608,222 647,854 950,444
Natural Gas (MMcf) 72,132 114,647 124,076 186,907
Total (Mboe) 404,583 627,330 668,534 981,595
 
(1) There is no certainty that it will be commercially viable or technically feasible to produce any portion of the resources.
(2) These are unrisked contingent resources that do not take into account the chance of commerciality.
(3) Total based upon the probabilistic aggregation of pools within the field.
(4) 6 Mcf is equivalent to 1 BOE.
PROPERTY GROSS ESTIMATED PROSPECTIVE RESOURCES - ATRUSH BLOCK*
AS OF DECEMBER 31, 2012
MBBL, MMCF (1) (2) (3) (4)
* Cretaceous (Garagu & Chia Gara formations), Triassic (Kurra Chine C formation)
  Unrisked
Low
Estimate
Unrisked
Best
Estimate

Unrisked
Mean
Estimate
Unrisked
High
Estimate
Risked
Mean
Estimate
Crude Oil (Mbbl) 29,896 60,213 69,936 121,357 14,480
Natural Gas (MMcf) 65,567 213,220 309,405 672,253 42,039
Condensate (Mbbl) 4,265 26,677 46,332 111,228 6,227
Total (Mboe) 40,824 95,750 121,504 233,400 21,486
 
(1) There is no certainty that any portion of the prospective resources will be discovered. If discovered, there is no certainty that it will be commercially viable or technically feasible to produce any portion of the resources.
(2) These are partially risked prospective resources that have been risked for chance of discovery, but have not been risked for chance of development.
(3) Total based on the probabilistic aggregation of undiscovered pools within the field/prospect.
(4) 6 Mcf is equivalent to 1 BOE.

Pradeep Kabra, President and CEO of ShaMaran commented, "We are pleased with the significant increase in the contingent resources in the Atrush field following the success of the Atrush-2 well in 2012 and will continue to focus on the appraisal and development of the Atrush Field."

In summary, the changes in gross Contingent resources for the Atrush field by category between 2011 and 2012 are (MMBOE):

  Low estimate Best estimate High estimate  
  1C 2C 3C Mean
2011 275.6 465.6 813.0 512.7
2012 404.6 627.3 981.6 668.5
% change +46% +35% +21% +30%

The Atrush Block (subject to the Kurdistan Regional Government's 25% carried option) is operated by the Abu Dhabi National Energy Company PJSC ("TAQA") which holds a 53.2% working interest. ShaMaran Petroleum Corp., through its wholly owned subsidiary General Exploration Partners Inc. ("GEP") holds a 26.8% working interest. Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE:MRO), holds a 20% interest in the block. Atrush resource estimates presented represent solely the view of GEP and its experts.

 

http://shamaranpetroleum.mwnewsroom.com/press-releases/shamaran-announces-an-increase-in-contingent-resou-tsx-venture-snm-201302040851040001