ShaMaran Petroleum Rises Amidst Challenges

ShaMaran Petroleum (TSE:SNM) has released an update.

ShaMaran Petroleum reports that despite the impact of the Iraq-Turkey pipeline closure on its 2023 operations, the company has seen increased local sales and cash flow, particularly from the Sarsang block, and is working on resuming pipeline exports. The company also anticipates significant synergies from the TAQA/HKN transaction which will double their interest in the Atrush block. Financially, ShaMaran posted $82.9 million in 2023 revenues with Q4 operating cash flow at $9.8 million, largely due to robust local oil sales and cost management efforts.

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