ShaMaran Reports Atrush 2P Reserves Replacement Ratio of 108% and Provides 2021 Guidance
VANCOUVER, BC, February 15, 2021 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (SNM: TSXV and Nasdaq First North Growth Market (Sweden)) is pleased to report an increase in the Atrush Property Gross 2P reserves to 109.9 MMbbls at December 31, 2020, up from 108.5 MMbbls at the end of 2019. Taking into account 2020 production, this equates to a 2P reserves replacement ratio of 108% and an increase in the Company’s gross 2P reserves from 29.9 MMbbls to 30.3 MMbbls. Reserves and contingent resources estimates were provided by McDaniel & Associates Consultants Ltd. (“McDaniel”)