ShaMaran Petroleum Corp. ("ShaMaran" or the "Corporation") (TSX VENTURE:SNM)(OMX:SNM) is pleased to announce that an engineering, procurement and construction contract for a crude oil pipeline to be constructed within the Atrush Block has been signed by the Operator, TAQA Atrush BV, and a Kurdistan Regional Government approved pipeline contractor. In accordance with the terms of the contract the pipeline is expected to be completed in time for first oil which is targeted for mid-year 2016.
ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration company with a 26.8% direct interest in the Atrush oil discovery until such time that the Kurdistan Regional Government has completed the exercise of its right to acquire up to a 25% interest. The Atrush Block is currently undergoing an appraisal and development campaign.
ShaMaran is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North Exchange (Stockholm) under the symbol "SNM". Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Pareto Securities AB is the Corporation's Certified Advisor on NASDAQ OMX First North