SHAMARAN: PRODUCTION START UP to 30,000 bbl/DAY 2014-CEO (Directly)
2013-02-21 09: 34

STOCKHOLM (Bloomberg) Shamaran track to production starting from Atrush field in Iraqi Kurdistan can reach up to 30,000 barrels per day and that it takes its beginning in the next year.

It says Shamarans CEO, Pradeep Kabra, in an interview with the news agency Directly in the light of that field received a new operator in the form of the Abu Dhabi-controlled Taqa.

"Now that Taqa has come in, we look at doing things a little differently. We are looking at a larger produktionsfacilitet of up to 30,000 barrels a day. And production start is expected to take place in 2014. We are likely to have 2-3 wells attached to the production. Then when we continue to drill more wells, we can attach them to our produktionsfacilitet step by step ", says CEO.

He continues:

"This will delay our production start something but at the same time that we can raise the level of starting production significantly from past 3,000-5,000 barrels per day".

How big can the Atrush-field max production be?

"I can't give any figures at this stage but it is expected that the production from the field will be very significant," said the President.

As regards the third well, Atrush-3, will start drilling in March.

"It would have begun to be drilled in January but we've had a lot of snow and rain that delayed us a bit as we estimate that the drilling will begin in March," said CEO.

In 2013, the company assesses Kabra will Pradeep drilling three wells.

"Yes, we plan to drill the Atrush-3, 4 and 5 of this year. Where the Atrush-4 is expected to be drilled during the summer while the Atrush-5 takes place in the autumn ", says CEO who points out that the production per well should be able to be around 10,000 barrels a day.

He said further that the exploration the company still aims to drill up to a total of 20 wells as part of the total field development program.

Employment wise, looking at opportunities in the Middle East and Shamaran North Africa, but not in Kurdistan.

CEO admits that the company may need to bring in new money to finance the drilling programme in 2014. However, without wishing to reveal the company's preferred loans in front of private placement.

"Both are possible," he says.

Shamaran is currently not interested in selling its stake in Atrush field, allows the President to understand.

"We regard the field as a very important ugly access and currently field's value should rise and we see no reason to sell our share right now," he says.

Shamaran controls around 27 per cent of Atrush-field, where the Taqa is a newly minted operator with a market share of about 53 percent.

Henrik Svensson + 46 8 5191 7924
The News Agency Directly