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ShaMaran Reports KRG Proposed Amendments to Payment Terms


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VANCOUVER, BC, May 13, 2021 /CNW/ - 
ShaMaran Petroleum Corp. ( ShaMaran or the Company ) (TSXV:SNM) (Nasdaq First North Growth Market (Sweden): SNM), in line with other producing IOCs in Kurdistan, has received a letter from the Kurdistan Regional Government ( KRG ) proposing an amendment, starting with the March 2021 oil sales and entitlement invoice, to payment terms due to the ongoing challenges in Iraq with the COVID-19 pandemic. View PDF version
The KRG has noted that since the dated Brent price has remained consistently well above $50 per barrel, the monthly repayment of outstanding arrears will now be calculated as 20% (compared to 50% previously) of the difference between the average monthly dated Brent price and $50 per barrel multiplied by the gross Atrush crude oil volumes sold in a month.  The balance to ShaMaran for the November 2019 to February 2020 outstanding invoices currently stands at $38 million. ....

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ShaMaran February 2021 Payments Received

ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV: SNM) (Nasdaq First North Growth Market: SNM) is pleased to confirm payment to the Company of $10.5 million from the Kurdistan Regional Government ("KRG") for the February 2021 Atrush oil sales invoice and entitlements and from the KRG's proposed repayment mechanism for receivables. In particular, the February 2021 Atrush sales and entitlements as received are $23.8 million ($8.1 million net to the Company) and $6.5 million ($2.4 million net to the Company) as the second monthly payment received for receivables repayment from the KRG. This receivable repayment reduces the KRG's outstanding amount owed to the Company to $38.25 million. View PDF ....

Source Shamaran Petroleum Corp , Nasdaq First North Growth Market , Kurdistan Regional Government , Shamaran Petroleum Corp , நாஸ்டாக் முதல் வடக்கு வளர்ச்சி சந்தை ,