ShaMaran Reports 225% Increase in Gross 2P Reserves with a Reserves Replacement Ratio of 950% and Provides 2023 Guidance
VANCOUVER, BC, Feb. 16, 2023 /CNW/ - ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (SNM: TSXV and Nasdaq First North Growth Market (Sweden)) is pleased to report total Company’s gross 2P reserves1 grew by 225% from 30.4 million barrels of oil (“MMbbls”) at December 31, 2021 to 68.3 MMbbls at December 31, 2022 and a 2P net reserves replacement ratio2 of 950%3. The Company’s net 2C resources4 increased by close to 20% from 34.8 MMbbls at December 31, 2021 to 41.5 MMbbls at December 31, 2022 such increase being primarily associated with the closing of the Sarsang acquisition. The