VANCOUVER, BC, July 26,
2023 /CNW/ - ShaMaran Petroleum Corp. (TSXV:
SNM) (Nasdaq First North: SNM) ("ShaMaran" or the "Company")
provides the following update on the Company's previously disclosed
engagement with its bondholders. PDF Version
ShaMaran requested a bond waiver to release cash from the Debt
Service Retention Account ("DSRA") and received the affirmative
vote from 100% of those voting, representing approximately 74% of
its bondholders. The waiver allows the Company to use
restricted cash in the DSRA to pay the bond interest and
amortization obligations due on July
30, 2023. This will preserve the Company's
unrestricted cash during the current export pipeline and payment
uncertainty in the Kurdistan
region of Iraq.
Garrett Soden, President and CEO
of ShaMaran, commented: "We appreciate the overwhelming support of
our bondholders for the DSRA waiver request. The bond waiver
gives us financial and operational flexibility in order to optimize
the value of our assets at Atrush and Sarsang for the benefit of
all stakeholders."
The DSRA waiver relates to ShaMaran's 12% senior unsecured
USD 300,000,000 bond 2021/2025
(ISIN: NO0011057622).
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian independent oil and gas company focused
on the Kurdistan region of
Iraq. The Company holds a 27.6%
working interest in the Atrush Block through its wholly-owned
subsidiary General Exploration Partners, Inc. and an 18% interest
(22.5% paying interest) in the Sarsang Block through its
wholly-owned subsidiary ShaMaran Sarsang A/S. The Company is listed
in Toronto on TSX Venture Exchange
and in Stockholm on Nasdaq First
North Growth Market (ticker "SNM") and is part of the Lundin Group
of Companies.
Important Information
This is information that ShaMaran is obliged to make public
pursuant to the EU Market Abuse Regulation. This information was
submitted for publication through the agency of the contact persons
set out above on July 26, 2023, at
11:00 a.m. Eastern Time.
The Company's certified advisor on Nasdaq First North Growth
Market is Arctic Securities AS (Swedish branch), +46 844 68
6100, certifiedadviser@arctic.com.
Forward looking statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or the Company's future performance, business prospects and
opportunities, which are based on assumptions of
management.
The use of any of the words "will", "expected", "planned" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on the Company's current belief or
assumptions as to the outcome and timing of certain future events.
These forward-looking statements involve risks and uncertainties
relating to, among other things, changes in oil prices, results of
exploration and development activities, including results, timing
and costs of seismic, drilling and development related activity in
the Company's area of operations and, uninsured risks, regulatory
changes, defects in title, availability of funds required to
participate in the development activities, or of financing on
reasonable terms, availability of materials and equipment on
satisfactory terms, outcome of commercial negotiations with
government and other regulatory authorities, timeliness of
government or other regulatory approvals, actual performance of
facilities, availability of third party service providers,
equipment and processes relative to specifications and expectations
and unanticipated environmental impacts on operations. Actual
future results may differ materially. Various assumptions or
factors are typically applied in drawing conclusions or making the
forecasts or projections set out in forward-looking information.
Those assumptions and factors are based on information currently
available to the Company. The forward-looking information contained
in this release is made as of the date hereof and the Company is
not obligated to update or revise any forward-looking information,
whether as a result of new information, future events or otherwise,
except as required by applicable securities laws. Because of the
risks, uncertainties and assumptions contained herein, investors
should not place undue reliance on forward-looking information. The
foregoing statements expressly qualify any forward-looking
information.
Neither 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.
SOURCE ShaMaran Petroleum Corp.
