ShaMaran Petroleum Corp. holds a 20.1% direct interest in the Atrush Block production sharing contract. The Atrush Block is located in the Kurdistan region of northern Iraq.
A summary of the current property and partnership interests in the Atrush Block are set out in the following table:
|Country||Block||Acreage (square kilometres)||Working Interest(1)|
(1) Working interest means a percentage of the ownership in an oil and gas PSC granting its owner the right to explore and develop oil and gas from a specific property which normally bears its proportionate share of the costs of exploration,development and operations as well as any royalties or other production burdens.
(2) The Operator of the Atrush Block.
(3) Held through GEP, an indirect wholly‐owned subsidiary of the Company.
|Iraq (Kurdistan)||Atrush Block||269||Taqa(2)||39.9%|
Phase 1 of the Field Development Plan for the Atrush Block has been completed with first oil achieved in July, 2017. Production is expected to ramp up to the facilities design capacity of 30,000 barrels of oil equivalent per day. Further phases of development will be defined based on production data, appraisal information and economic circumstances. Total discovered oil in place in the Atrush Block is a low estimate of 1.5 billion barrels, a best estimate of 2.1 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
- 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.