ShaMaran Reports Year-End 2023 Reserves and Resources
Production from the Company's assets in
For 2023, Total Property Gross Production was 14.3 million barrels of oil ("MMbbls"), and total Company working interest production was 2.9 MMbbls. Atrush has achieved cumulative production of approximately 70.5 MMbbls, and Sarsang has achieved cumulative production of approximately 66.1 MMbbls since development commenced in both fields in 2013.
The reduced field activity in 2023 resulted in:
- Company's working interest 2P reserves1 decreasing by 2023 production of 2.9 MMbbls, from 68.3 MMbbls at
December 31, 2022 , to 65.4 MMbbls atDecember 31, 2023 ; and - Company's working interest 2C resource2 volumes remaining constant from 41.5 MMbbls at
December 31, 2022 , to 41.5 MMbbls atDecember 31, 2023 .
The Company refers to its news release on
- Company's working interest 2P reserves1 would increase by 28% from 68.3 MMbbls at
December 31, 2022 , to 87.7 MMbbls as atDecember 31, 2023 ; and - Company's working interest 2P reserves replacement ratio3 would be 769%4 for 2023.
Due to the continued closure of the ITP and the unpredictability of the local sales market in
ShaMaran is a Canadian independent oil and gas company focused on the
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
The Company's certified advisor on Nasdaq First North Growth Market is
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.
Statements relating to "reserves" are also deemed to be forward-looking statements as they involve the implied assessment, based on certain estimates and assumptions, that the reserves described exist in the quantities predicted or estimated and that the reserves can be profitably produced in the future. Actual reserve values may be greater than or less than the estimates provided herein. Unless otherwise noted, reserves referenced herein are given as at
With respect to disclosure contained herein regarding resources other than reserves, there is uncertainty that it will be commercially viable to produce any portion of the resources, and there is significant uncertainty regarding the ultimate recoverability of such resources.
Neither
Notes: |
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1 Reserves and contingent resources estimates were provided by |
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2 Company's working interest 2C resources are defined as the best estimate of working interest quantities of petroleum estimated, as of a given date, to be potentially recoverable from known accumulations using established technology or technology under development, but which are not currently considered to be commercially recoverable due to one or more contingencies. |
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3 Company's working interest 2P reserves replacement ratio is defined as the ratio of reserves additions to production during the year, including impacts of acquisitions and dispositions. |
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4 Company's working interest 2P reserve replacement ratio for the combined blocks has been calculated as follows: |
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No Acquisition |
Acquisition Included |
Extensions, MMstb |
0 |
0 |
Improved Recovery, MMstb |
0 |
0 |
Technical Revisions, MMstb |
0 |
0 |
Acquisitions, MMstb |
0 |
22.3 |
Total Adjustments, MMstb |
0 |
22.3 |
2023 Production, MMstb |
2.9 |
2.9 |
2P Replacement Ratio |
0 % |
769 % |
SOURCE