VANCOUVER, BC, June 10,
2024 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran"
or the "Company") (TSXV: SNM) (Nasdaq First North: SNM)
announces that a large majority of the Company's bondholders in the
12% senior unsecured bond due July
2025 (ISIN NO 0011057622)(the "Bond") have voted in favor of
the previously announced proposal to amend the Bond as referenced
in the Company's news releases on May 21,
2024, and May 27, 2024. PDF
Version
The approved amendments to the Bond include a two-year extension
of the maturity date to July 2027 and
other financial matters that are now conditionally granted subject
to completion of the below buy-back tender offer and final
documentation.
The Company also announces a buy-back tender offer to repurchase
$47 million of bonds, which, together
with the cancellation of the Company's own bonds of $5.9 million, will reduce the outstanding amount
of the Bond by approximately 21%. All eligible bondholders may
participate in the tender. The tender period starts at 09:00
Central European Time ("CET") on June 11,
2024, and ends at 15:00 CET on
June 21, 2024.
Pareto Securities has been engaged as Manager for this process
with ABG Sundal Collier and Clarksons Securities engaged as
Co-Managers.
All currency amounts indicated as "$" in this news release are
expressed in United States
dollars.
About ShaMaran Petroleum Corp.
ShaMaran is a Canadian independent oil and gas company focused
on the Kurdistan region of
Iraq. The Company indirectly holds
an 18% working interest (22.5% paying interest) in the Sarsang
Block, and, subject to closing the previously announced
transaction, will increase its indirect 27.6% working interest in
the Atrush Block to 50%. The Company is listed in Toronto on the TSX Venture Exchange and in
Stockholm on Nasdaq First North
Growth Market (ticker "SNM"). ShaMaran is part of the Lundin Group
of Companies.
Important Information
ShaMaran is obliged to make this information public pursuant
to the EU Market Abuse Regulation. This information was submitted
for publication through the agency of the contact person set out
below on June 10, 2024, at
5:30 p.m. Eastern Time.
The Company's certified advisor on Nasdaq First North Growth
Market is FNCA Sweden AB.
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.
Certain information set forth in this news release contains
forward-looking statements, including, but not limited to,
expectations of cash flow that may be impacted by the local demand
for oil continuing until the Iraq-Tűrkiye pipeline ("ITP")
reopening and its effect on the Company, including production in
Sarsang and Atrush, and the impact of the anticipated closing of
the TAQA/HKN transaction on the Company's indirect working interest
in the Atrush Block. There is no certainty as to the number
of bondholders subscribing to the upcoming buy-back tender offer.
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, uninsured risks, regulatory
changes, defects in title, availability of funds required to
participate in the development activities, availability 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. The risks
outlined above should not be construed as exhaustive. Additional
information on these and other factors that could affect the
Company's operations and financial results are included in the
Company's annual information form for the year ended December 31, 2023, and other reports on file with
the Canadian Securities Regulatory Authorities that can be accessed
on the Company's profile on SEDAR+. 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. With respect to
the forward-looking statements in this news release, the Company
has made assumptions regarding, among other things, local sales
demand and prices, the timing and conditions to the reopening of
the ITP, the closing of the TAQA/HKN transaction, future oil and
gas prices and that the Company will be able to raise sufficient
capital to fund its operations, if needed. 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.