Alex Cranberg, the Chairman of Aspect Holdings, commented, "We are excited about the results from the AT-2 Exploration and Appraisal well. The well accomplished three important goals – discovery of additional resource potential in the Butmah and Adaiyah; lowering the Oil Down To 97 metres further in the BSAM, without encountering an oil/water contact; and demonstration of the significant production capability of the BSAM reservoir. Operationally, our team did a great job getting the well down on time and under budget. We look forward to continuing our work with the Kurdistan Regional Government to appraise and develop this important discovery."
The Atrush Block is operated by the joint-venture company General Exploration Partners Inc. ("GEP") which holds an 80% working interest in the Block. Aspect Holdings, LLC through its Aspect Energy International LLC subsidiary has a 66.5% interest and ShaMaran Petroleum Corp. through its wholly owned subsidiary, ShaMaran Ventures BV, holds a 33.5% interest in GEP. Marathon Oil KDV B.V., a wholly owned subsidiary of Marathon Oil Corporation (NYSE: MRO), holds a 20 percent interest in the block.
About Aspect Holdings, LLC and Aspect Energy International, LLC
Aspect Holdings, LLC is a privately held independent exploration and energy investment company that engages in exploration and production activities through affiliates and subsidiaries globally, including
the United States
, Central and
, and the
. Aspect Energy International, LLC is a wholly owned subsidiary of Aspect Holdings. Please direct additional inquiries to
ShaMaran Petroleum Corp. is a
focused oil development and exploration vehicle. ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange under the symbol "SNM" as well as NASDAQ OMX First North under the symbol "SNM."
This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management's capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and neither the Company nor its partner's undertakes any obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company's nor its partner's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.
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