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ShaMaran subsidiary to contest default notice from TAQA


Published Sep 22, 2015
ShaMaran Petroleum Corp.

ShaMaran Petroleum Corp. says that its wholly owned subsidiary, General Exploration Partners, Inc. , has received a Default Notice from the Operator of the Atrush Block, TAQA Atrush B.V., claiming that GEP has failed to pay its full participating interest share of July and August cash calls pursuant to the Atrush Block Joint Operating Agreement between TAQA, GEP and Marathon Oil KDV B.V. . MOKDV, the other non-operating Atrush partner, has also received a similar Default Notice from TAQA.

GEP and TAQA are in disagreement as to the correct interpretation of participating interest share of Atrush cash calls which are due and payable by GEP under the JOA and the Atrush Block Production Sharing Contract. GEP has paid, and will continue to pay, all cash calls in full in accordance with its participating interest.

Tags: ShaMaran Petroleum Corp, TAQA




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