UPDATE: ShaMaran At Lowest Levels in 2.5 Yrs in Heavy Trade; Follows Wednesday's Kurdistan Update
ShaMaran Petroleum Corp. (SNM.V) is at its lowest levels in more than 2.5 years with more than 5.3 million shares traded. This comes after the stock lost about a third of its value after providing a disappointing update on its Pulkhana and Arbat blocks in Kurdistan on Wednesday.
The company said it is in the process of examining options to re-focus its asset base in Kurdistan and as a consequence has agreed with the Kurdistan Regional Government to suspend operations on both the Pulkhana and Arbat blocks. The Company is presently in negotiation with the Ministry of Natural Resources in Kurdistan regarding the future obligations on the Arbat and Pulkhana blocks. A further update will be provided when this negotiation is concluded.
ShaMaran President and CEO, Pradeep Kabra, said, "While we are disappointed with the technical results obtained on the Pulkhana and Arbat blocks, we remain excited by our Atrush development and Taza exploration projects. We are fully committed to our efforts in Kurdistan and continue to explore new opportunities to grow our presence in the country."
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