ShaMaran Petroleum Corp. announces an interim update for reserves and estimated contingent resources for the Atrush block as of November 30, 2014.
The reserves and resources update was provided by McDaniel & Associates (McDaniel), the Company's independent qualified resources evaluator, in support of the Company's rights offering announced on October 15, 2014, and was prepared in accordance with standards set out in the Canadian National Instrument NI 51-101 and Canadian Oil and Gas Evaluation Handbook (COGEH). The prospective resources for the Atrush block have not been updated.
McDaniel estimates for reserves and resources have taken into account well results since the drilling of the Atrush-3 well (up to and including the progress on the Chiya Khere-6 well, the latest mapping, and the ongoing commitment to the first phase of development). A separate reserves and resources evaluation as of December 31, 2014 will, as one of the Company's year-end procedures, be completed and filed in the first quarter of 2015.