|By Marketwired .||
|March 13, 2014 05:30 PM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/13/14 -- ShaMaran Petroleum Corp. (TSX VENTURE:SNM)(OMX:SNM) ("ShaMaran" or the "Company") is pleased to report initial recognition of reserves as well as updates to estimated contingent resources and prospective resources for the Atrush block as of December 31, 2013. The reserves and resources estimates were provided by McDaniel & Associates Consultants Ltd. ("McDaniel"), the Company's independent qualified resources evaluator, and were prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH).
McDaniel estimates for reserves and resources have taken into account the results of the Atrush-3 well, the latest remapping based on 3D seismic and the commitment to the first phase of Atrush development as defined by the KRG approved field development plan.
RESERVES SUMMARY - ATRUSH PHASE 1 DEVELOPMENT AS OF DECEMBER 31, 2013 MBBL, (1)(2)(3) Property Company Company Reserves Category: Gross Gross (2) Net (3) ------------------------------ Light/Medium Oil (Mbbl) Total Proved Reserves (1P) 30,572 6,145 4,116 Probable Reserves 27,609 5,549 2,283 Proved + Probable Reserves (2P) 58,182 11,694 6,399 Possible Reserves 52,543 10,561 2,904 Proved + Probable + Possible Reserves (3P) 110,724 22,256 9,304 (1) Reserves are based on the KRG-approved Phase 1 Atrush development comprising a 30,000 bpd facility and 3 producers (AT-2, AT-4 and AT-5). (2) Company gross reserves are based on Company working interest share of the property gross reserves. (3) Company net reserves are based on Company share of total cost and profit revenues and the income tax paid on behalf of company.
Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of proved plus probable plus possible reserves. The reserves were estimated using forecast prices and costs. The sales oil price was based on the McDaniel January 1, 2014 price forecast for Brent crude oil with a discount of 40 percent in 2014 and 2015, 35 percent in 2016, 30 percent in 2017 and 25 percent in 2018 onwards. The initial discount to Brent was based on published sales prices in the Kurdistan Region of Iraq from 2013 and equates to an oil price of US$ 63.00 per barrel in 2014. Costs were escalated at 2 percent per annum. Oil pricing is uncertain and any eventual announcement of sales and pricing of exported Kurdish crude during 2014 together with the Kurdish export pipeline becoming fully operational will impact on future price scenarios.
The updated estimates of contingent resources for the Atrush block are as follows:
CONTINGENT RESOURCES SUMMARY - ATRUSH JURASSIC OIL DISCOVERY(i) AS OF DECEMBER 31, 2013 (1)(2)(3)(4) (i) Barsarin, Sargelu, Alan, Mus ("BSAM"), Adaiyah & Butmah formations, in addition to the volumes assigned to Reserves. Low Best High Estimate Estimate Estimate (1C) (2C) (3C) ------------------------------ Property Gross Crude Oil (Mbbl) 388,804 497,833 618,027 Natural Gas (MMcf) 90,289 122,585 165,857 Total (Mboe) (6) 403,852 518,263 645,669 Company Gross (5) Crude Oil (Mbbl) 78,150 100,064 124,223 Natural Gas (MMcf) 18,148 24,640 33,337 Total (Mboe) (6) 81,174 104,171 129,780 (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) Contingent resources were estimated by subtracting the reserves from the total recoverable resources. (4) Total based on the probabilistic aggregation of zones within the Atrush field and as such does not equal the arithmetic sum of the individual zones. (5) Company gross resources are based on Company working interest share of the property gross resources. (6) 6 Mcf is equivalent to 1 BOE.
The resources included in the table above are classified as contingent as the associated project(s) are dependent upon the results of the Atrush Phase 1 development; this first phase of development should, together with further appraisal drilling, narrow the uncertainty in the contingent resources estimates and help determine if their development is economic.
The updated estimates of prospective resources for the Atrush block are as follows:
PROSPECTIVE RESOURCES SUMMARY - ATRUSH BLOCK(i) AS OF DECEMBER 31, 2013 (1)(2)(3) (i) Comprising remaining potential in the Atrush hanging wall (Triassic), Atrush Footwall (Cretaceous, Jurassic & Triassic) and extension of the Swara Tika structure into the Atrush block (Jurassic & Triassic). Unrisked Unrisked Unrisked Unrisked Risked (2) Low Best Mean High Mean Estimate Estimate Estimate Estimate Estimate --------------------------------------------------- Property Gross Crude Oil (Mbbl) 121,425 173,194 180,165 247,211 60,479 Condensate (Mbbl) 8,741 28,327 36,173 72,890 6,766 Natural Gas (MMcf) 141,366 258,352 289,988 481,107 61,445 Total (Mboe) (5) 153,727 244,580 264,670 400,285 77,485 Company Gross (4) Crude Oil (Mbbl) 24,406 34,812 36,213 49,689 12,156 Condensate (Mbbl) 1,757 5,694 7,271 14,651 1,360 Natural Gas (MMcf) 28,415 51,929 58,288 96,702 12,350 Total (Mboe) (5) 30,899 49,161 53,199 80,457 15,575 (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) Company gross resources are based on Company working interest share of the property gross resources. (5) 6 Mcf is equivalent to 1 BOE.
Additional information related to above noted reserve and resource estimates, including net present value estimates, is included in Form 51-101F1, which may be viewed under the Company's profile on SEDAR at www.sedar.com, or in the Company's Annual Information Form, which is available both on SEDAR at www.sedar.com and on the Company's web-site at www.shamaranpetroleum.com.
Pradeep Kabra, President and CEO of ShaMaran commented, "We are pleased to report the initial recognition of reserves relating to ShaMaran's interest the Atrush field, and the progress being made towards achieving 'First Oil' at Atrush in early 2015. At this early stage of appraisal, the majority of contingent and prospective resources are still to be assigned as reserves and we look forward to continuing the appraisal and development work in 2014 to achieve the full potential of the field."
The Atrush Block is operated by the Abu Dhabi National Energy Company PJSC ("TAQA") and is held 39.9% by TAQA, ShaMaran Petroleum Corp, through its wholly owned subsidiary General Exploration Partners, Inc. ("GEP") 20.1%, 15% Marathon Oil KDV B.V., (a wholly owned subsidiary of Marathon Oil Corporation (NYSE:MRO)), and 25% by the KRG. Atrush reserves and resource estimates presented represent solely the view of ShaMaran and its experts.
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle with a 20.1% working interest in the Atrush oil discovery currently undergoing appraisal and development.
ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange under the symbol "SNM" as well as NASDAQ OMX First North under the symbol "SNM".
On behalf of the Board,
Pradeep Kabra, President and CEO
Forward looking information: This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.
Reserves and resources: ShaMaran Petroleum Corp.'s reserve and resource estimates are as at December 31, 2013, and have been prepared and audited in accordance with National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities ("NI 51-101") and the Canadian Oil and Gas Evaluation Handbook ("COGE Handbook")."). Unless otherwise stated, all reserves estimates contained herein are the aggregate of "proved reserves" and "probable reserves", together also known as "2P reserves".
Contingent resources: contingent resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but are not currently considered to be commercially recoverable due to one or more contingencies. Contingencies may include factors such as economic, legal, environmental, political and regulatory matters or a lack of markets. There is no certainty that it will be commercially viable for the Company to produce any portion of the contingent resources.
Prospective resources: prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both a chance of discovery and a chance of development. 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 to produce any portion of the prospective resources. Unless otherwise stated, all prospective resource estimates contained herein are reflecting a P50 prospective resource estimate. Risked prospective resources reported herein are partially risked. They have been risked for chance of discovery, but have not been risked for chance of development.
BOEs: BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf : 1 Bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North is Pareto Securities AB.
ShaMaran Petroleum Corp.
ShaMaran Petroleum Corp.
President and CEO
0041 22 560 8605
ShaMaran Petroleum Corp.
(604) 689-4250 (FAX)
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Apr. 29, 2017 03:30 PM EDT Reads: 1,320
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 29, 2017 03:00 PM EDT Reads: 1,631
SYS-CON Events announced today that Progress, a global leader in application development, has been named “Bronze Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Enterprises today are rapidly adopting the cloud, while continuing to retain business-critical/sensitive data inside the firewall. This is creating two separate data silos – one inside the firewall and the other outside the firewall. Cloud ISVs oft...
Apr. 29, 2017 03:00 PM EDT Reads: 683
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 29, 2017 02:45 PM EDT Reads: 1,794
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 29, 2017 02:30 PM EDT Reads: 2,647
In recent years, containers have taken the world by storm. Companies of all sizes and industries have realized the massive benefits of containers, such as unprecedented mobility, higher hardware utilization, and increased flexibility and agility; however, many containers today are non-persistent. Containers without persistence miss out on many benefits, and in many cases simply pass the responsibility of persistence onto other infrastructure, adding additional complexity.
Apr. 29, 2017 02:30 PM EDT Reads: 2,473
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 29, 2017 01:45 PM EDT Reads: 1,826
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Apr. 29, 2017 01:30 PM EDT Reads: 2,924
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
Apr. 29, 2017 01:15 PM EDT Reads: 1,609
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 29, 2017 01:15 PM EDT Reads: 1,530
@GonzalezCarmen has been ranked the Number One Influencer and @ThingsExpo has been named the Number One Brand in the “M2M 2016: Top 100 Influencers and Brands” by Analytic. Onalytica analyzed tweets over the last 6 months mentioning the keywords M2M OR “Machine to Machine.” They then identified the top 100 most influential brands and individuals leading the discussion on Twitter.
Apr. 29, 2017 01:00 PM EDT Reads: 1,516
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Apr. 29, 2017 01:00 PM EDT Reads: 3,076
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
Apr. 29, 2017 12:45 PM EDT Reads: 1,225
Apr. 29, 2017 12:45 PM EDT Reads: 2,638
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 29, 2017 12:45 PM EDT Reads: 2,166