ShaMaran is a Canadian-based oil and gas company with a 26.8% direct interest in the Atrush petroleum property located in Kurdistan in Northern Iraq ("Kurdistan"). This project is nearby and on trend to existing fields and recent discoveries. Kurdistan lies within the northern extension of the Zagros Folded Belt. The area is highly underexplored and is currently undergoing a significant exploration and development campaign by over 30 mid to large size international oil companies.
The Company is currently in the pre-production stage of its appraisal and development program relating to the Atrush oil discovery on this petroleum property. Phase 1 of field development consists of installing and commissioning production facilities with 30,000 barrels of oil per day ("bopd") capacity and the drilling and completion of production wells to supply the production facility. During the year 2014 the final three of four planned Phase 1 production wells were drilled. Also in 2014, in order to further delineate the field towards the east, the second of two eastern appraisal wells was drilled and final preparations were completed to re-test Atrush 3 ("AT-3"), the first eastern appraisal well which was drilled in 2013.
ShaMaran trades on the TSX Venture Exchange and the NASDAQ OMX First North Exchange (Stockholm) under the symbol "SNM".