ShaMaran Reports 40% Increase in Company Gross 2P Reserves
VANCOUVER, Feb. 17, 2020 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (TSX VENTURE: SNM) (Nasdaq First North Growth Market: SNM) is pleased to report that consistent strong reservoir performance in 2019 and the acquisition of an additional 7.5% working interest share in the Property last year has increased the Company’s gross 2P oil reserves from 21.3 MMbbls to 29.9 MMbbls which represents a 40% increase. This equates to an increase in 2P reserves NPV of over US$95 million (when using a 10% discount factor). Adel Chaouch, President and CEO of ShaMaran, commented: “