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ShaMaran Petroleum Corp. reported that TAQA Atrush BV has received US$16.2 million on behalf of the Atrush co-venturers as payment for November 2017 crude oil deliveries.
ShaMaran Petroleum Corp. (TSXV:SNM) reported that TAQA Atrush BV, operator of the Atrush Block, has received US$16.2 million on behalf of the Atrush co-venturers from the Kurdistan Regional Government as payment for November 2017 crude oil deliveries from the Atrush license to the export market.
Highlights are as follows:
- These funds will be shared between the Atrush co-venturers according to the terms of the agreements.
- The Company also reports that a new agreement for the sale of Atrush oil has been executed between the Atrush co-venturers and the KRG.
- The new agreement replaces the previous agreement between the same parties and includes a downward adjustment to $15.73/bbl from the previously agreed discount of $16.04/bbl to reflect higher actual oil quality delivered from Atrush.