ShaMaran Corporate Update
As disclosed recently in the Company's Q1 2024 results, ShaMaran's cash flow has improved with increased production and sales to the local market in
ShaMaran proposes to offer bondholders certain changes to the current Bond terms, including a tender offer (buy-back) of
The Company intends to issue a summons for a written resolution to all bondholders if discussions with the larger bondholders are supportive of this proposal. The Lundin family, ShaMaran's largest shareholder and bondholder, supports this proposal and does not intend to participate in the tender process. The Lundin family have also agreed to extend their subordinated loan to the Company beyond the proposed new maturity of the Bond, with no other changes to the loan terms if the written resolution is passed by bondholders.
All currency amounts indicated as "$" in this news release are expressed in
ShaMaran is a Canadian independent oil and gas company focused on the
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
The Company's certified advisor on Nasdaq First North Growth Market is
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 that bondholders will support the proposed amendments and vote in favour of such amendments. 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
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