ShaMaran acquires TAQA interest in Atrush and partners with HKN (TSXV:SNM:CA)

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ShaMaran Petroleum (TSXV:SNM:CA) has entered into definitive agreements for a two-step transaction to increase its indirect working interest in the Atrush Block in Kurdistan from 27.6% to 50%, with HKN Energy IV, an affiliate of HKN Energy, indirectly acquiring a 25% working interest and operatorship.
Garrett Soden, President and CEO of ShaMaran, commented: “This transaction continues ShaMaran’s consolidation strategy in Kurdistan. We are acquiring TAQA’s 47.4% interest in Atrush and selling a 25% interest and operatorship to HKN IV”
ShaMaran and HKN are already co-venturers in the adjoining Sarsang block operated by HKN.
In the first step of the transaction, ShaMaran’s wholly-owned Cayman subsidiary, General Exploration Partners, entered into an agreement with TAQA International B.V, a subsidiary of Abu Dhabi National Energy Company PJSC to acquire TAQA Atrush B.V.
In the second step of the transaction, TABV will transfer a 25% working interest in the Atrush PSC to GEP2, a new Cayman wholly-owned subsidiary of GEP.
In parallel, GEP has entered into an agreement to sell GEP2 to HKN IV for nominal consideration such that HKN IV will hold a 25% working interest and operatorship in the Atrush PSC.
Source: Press Release