ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSX VENTURE:SNM) is pleased to announce that Marathon Oil Corporation (“Marathon”) has acquired a twenty percent working interest in the Atrush block in the Kurdistan Region of Iraq (Marathon press release dated October 20, 2010 athttp://www.marathon.com.)
ShaMaran, through its a wholly owned subsidiary, ShaMaran Ventures BV, has a one third stake in General Exploration Partners Inc. (“GEP”) which is a party to the Atrush Block Production Sharing Contract and currently holds an 80% interest in the Block.
The Atrush Block is located immediately north and adjacent to the Shaikan discovery announced by Gulf Keystone Petroleum Ltd. The Atrush 1 exploration well was spudded on October 5, 2010. The well (planned to a total depth of 3,100 meters) is prognosed to test the same reservoir sections as Shaikan discovery. The Atrush Block is also adjacent to and on trend with the recent Bijeel oil discovery to the East, operated by Kalegran Limited (MOL).
Source: Market Wire