ShaMaran Petroleum Corp. is an independent oil development and exploration company with a 20.1% direct interest in the Atrush Block production sharing contract relating to a property located in the Kurdistan Region in Northern Iraq (the "Atrush Block"). Total discovered oil in place in the Atrush Block is a low estimate of 1.5 billion barrels and a high estimate of 2.8 billion barrels, with Total Field Proven plus Probable ("2P") Reserves on a property gross basis estimated at 85.1 MMbbl and Total Field Unrisked Best Estimate Contingent Resources ("2C")1 on a property gross basis is estimated at 304 million barrels oil equivalent (MMboe)2. Atrush is currently in the first phase of the development program ("Phase 1"). Phase 1 of the Field Development Plan for the Atrush Block consists of installing and commissioning production facilities with a capacity of 30,000 bopd and the drilling and completion of five production wells to supply the production facility. First oil production from the Atrush Block is expected in the second quarter of 2017. The oil discovery on the Atrush petroleum property is continuously being appraised. Further phases of development will be defined based on production data, appraisal information and economic circumstances.
- This estimate of remaining recoverable resources (unrisked) includes contingent resources that have not been adjusted for risk based on the chance of development. It is not an estimate of volumes that may be recovered.
- Boe may be misleading, particularly if used in isolation. A boe conversion ratio of 6 million cubic feet ("Mcf") per one barrel is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.