{"success":true,"data":{"pressRelease":{"id":"173370","rtpr_id":"nPrehGskza-20261020","ticker":"SNMS","exchange":"Oslo Børs","all_tickers":["SNMS"],"title":"ShaMaran Announces Investment in Iraq and Contemplated Bond Issuance","author":"PR Newswire","published_at":"2026-10-20T06:00:01.645Z","article_body":"ShaMaran Announces Investment in Iraq and Contemplated Bond Issuance\nPR Newswire\n\nHAMILTON, Bermuda, Oct. 20, 2026\n\nHAMILTON, Bermuda, Oct. 20, 2026 /PRNewswire/ -- ShaMaran Petroleum Ltd.\n(\"ShaMaran\" or the \"Company\") (Euronext Growth Oslo: SNM) (Nasdaq First North\nStockholm: SNM) announces the expansion of the Company's strategic\ncollaboration with HKN Energy (\"HKN\") into Federal Iraq. Building on their\njoint ventures across the Atrush and Sarsang oil fields in the Kurdistan\nRegion of Iraq, HKN and ShaMaran are extending their cooperation into Federal\nIraq through the Hamrin oil development and production contract (\"DPC\"). PDF\nVersion\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801250-1&h=1697847892&u=https%3A%2F%2Fmmx.prnewswire.com%2Fmedia%2FMS2016615%2FShaMaran-Petroleum-Ltd-ShaMaran-Announces-Investment-in-Iraq-an.pdf%3Fid%3DOA3028122%26token%3DG5g5etcRlmxWVZCwbicjlX1JoxSNtEHhahrhJ0vuEWKQ7BA_uZLXtujf12XNkQ&a=PDF+Version) \n\nAs part of this expansion, ShaMaran will have a 25% shareholding in HKN Hamrin\nLtd. (the \"Hamrin JV\"), the joint venture company holding 100% of the Hamrin\nDPC. HKN, as the operator of the field, will leverage its operational\nexpertise and established relationship with ShaMaran to advance a major\nlong-term development program.\n\nThe Hamrin field is a large discovered and producing oil field previously\noperated by North Oil Company, an Iraqi state-owned oil company. HKN and\nShaMaran will further develop the field with the aim of increasing production\nabove the current 20 Mbopd to maximize recovery over the 25-year term of the\nDPC. The operator's and management's current estimate of remaining gross\nreserves and resources is in the range of 500 million to one billion barrels.\nThe initial phase of development will target lifting field production to\napproximately 60 Mbopd by 2028. Further phases of development could target\nmore than doubling those initial production levels, with currently estimated\ncapex for later phases in the range of $2-3 per incremental barrel.\n\nGarrett Soden, Chief Executive Officer of ShaMaran, commented, \"The Hamrin\ninvestment is a natural extension of our cooperation with HKN, the operator of\nour two existing assets in the Kurdistan Region of Iraq. The Hamrin field in\nFederal Iraq is complementary to our existing Kurdistan production and\nreserves profile, and we expect material synergies from having the same team\noperate all three assets. Together with HKN, we are committed to increasing\nHamrin production to create significant value for Iraq and our shareholders.\"\n\nThe Hamrin JV farm-in consideration comprises a $35 million carry by ShaMaran\nof HKN's share of initial costs in the Hamrin co-venture, with a further $15\nmillion payable out of future cash flow once ShaMaran has recovered its\ninitial investment and carry in full.\n\nFinancing – Contemplated Bond Issuance\n\nElvis Pellumbi, Chief Financial Officer of ShaMaran, commented, \"On the back\nof the attractive Hamrin investment, we are looking to raise a new bond to\nbetter reflect the improved credit profile of our expanded asset portfolio,\nfund Hamrin growth capex and reduce interest costs. We see increased near-term\ncash flow from our existing assets due to the tri-party export agreement\ncoupled with an enhanced long-term outlook from the addition of future Hamrin\ncash flows.\"\n\nShaMaran has mandated Pareto Securities AS to be sole bookrunner and manager\nfor a contemplated bond of up to $200 million in order to refinance its\nexisting 2029 bond (ISIN NO0011057622) that has approximately $144 million\ncurrently outstanding. The proceeds from the new bond will be used to fund\nShaMaran's share of the Hamrin investment and for general corporate purposes.\nThe Company will host fixed income investor meetings, and a bond issuance may\nfollow subject to market conditions and acceptable terms. It is the Company's\nintention to exercise the applicable call option in the existing bond upon\nsuccessful issuance of the contemplated new bond.\n\nShaMaran to combine with Gulf Keystone Petroleum Ltd. (\"Gulf Keystone\")\n\nShaMaran and Gulf Keystone today announced that they have signed a merger\nagreement and a combination agreement to combine their businesses and create a\nplatform for growth in the Kurdistan Region of Iraq and Federal Iraq (the\n\"Transaction\"). A copy of the press release can be found at\nwww.shamaranpetroleum.com.\n\nAbout ShaMaran Petroleum Ltd.\n\nShaMaran is an independent oil and gas company with non-operated stakes in\nthree fields in Iraq. The Company indirectly holds a 50% working interest in\nthe Atrush Block and an 18% working interest in the Sarsang Block, both in the\nKurdistan Region of Iraq. The Company will also hold a 25% interest in the\nHamrin JV, which holds the Hamrin DPC in Federal Iraq. The Company is listed\nin Oslo on Euronext Growth and in Stockholm on Nasdaq First North (ticker\n\"SNM\"). ShaMaran is part of the Lundin Group of Companies.\n\nElvis Pellumbi, CFO, +41 22 560 8600, info@shamaranpetroleum.com,\nwww.shamaranpetroleum.com\n\nThis information is information that ShaMaran Petroleum Ltd. is obliged to\nmake public pursuant to the EU Market Abuse Regulation. The information was\nsubmitted for publication, through the contact person set out above, at 8:00\nCET on October 20, 2026.\n\nThis information is subject to the disclosure requirements pursuant to section\n5-12 of the Norwegian Securities Trading Act.\n\nThe Company's certified advisor on Nasdaq First North Growth Market is FNCA\nSweden AB.\n\nForward-Looking Statements\n\nMatters discussed in this announcement may constitute forward-looking\nstatements. The use of any of the words \"will\", \"expected\", \"planned\" and\nsimilar expressions and statements relating to matters that are not historical\nfacts are intended to identify forward-looking information and are based on\nthe Company's current belief or assumptions as to the outcome and timing of\ncertain future events. Certain information set forth in this news release\ncontains forward-looking statements.\n\n(https://mmx.prnewswire.com/media/MS2016615/ShaMaran-Petroleum-Ltd-ShaMaran-Announces-Investment-in-Iraq-an.pdf?id=OA3028122&p=original)\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.co.uk/news-releases/shamaran-announces-investment-in-iraq-and-contemplated-bond-issuance-302913246.html\n\n\n\nElvis Pellumbi, CFO, +41 22 560 8600, info@shamaranpetroleum.com, www.shamaranpetroleum.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPrehGskza-20261020","title":"ShaMaran Announces Investment in Iraq and Contemplated Bond Issuance","author":"PR Newswire","ticker":"SNMS","created":"2026-10-20T06:00:01.645Z","tickers":["SNMS"],"exchange":"Oslo Børs","article_body":"ShaMaran Announces Investment in Iraq and Contemplated Bond Issuance\nPR Newswire\n\nHAMILTON, Bermuda, Oct. 20, 2026\n\nHAMILTON, Bermuda, Oct. 20, 2026 /PRNewswire/ -- ShaMaran Petroleum Ltd.\n(\"ShaMaran\" or the \"Company\") (Euronext Growth Oslo: SNM) (Nasdaq First North\nStockholm: SNM) announces the expansion of the Company's strategic\ncollaboration with HKN Energy (\"HKN\") into Federal Iraq. Building on their\njoint ventures across the Atrush and Sarsang oil fields in the Kurdistan\nRegion of Iraq, HKN and ShaMaran are extending their cooperation into Federal\nIraq through the Hamrin oil development and production contract (\"DPC\"). PDF\nVersion\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4801250-1&h=1697847892&u=https%3A%2F%2Fmmx.prnewswire.com%2Fmedia%2FMS2016615%2FShaMaran-Petroleum-Ltd-ShaMaran-Announces-Investment-in-Iraq-an.pdf%3Fid%3DOA3028122%26token%3DG5g5etcRlmxWVZCwbicjlX1JoxSNtEHhahrhJ0vuEWKQ7BA_uZLXtujf12XNkQ&a=PDF+Version) \n\nAs part of this expansion, ShaMaran will have a 25% shareholding in HKN Hamrin\nLtd. (the \"Hamrin JV\"), the joint venture company holding 100% of the Hamrin\nDPC. HKN, as the operator of the field, will leverage its operational\nexpertise and established relationship with ShaMaran to advance a major\nlong-term development program.\n\nThe Hamrin field is a large discovered and producing oil field previously\noperated by North Oil Company, an Iraqi state-owned oil company. HKN and\nShaMaran will further develop the field with the aim of increasing production\nabove the current 20 Mbopd to maximize recovery over the 25-year term of the\nDPC. The operator's and management's current estimate of remaining gross\nreserves and resources is in the range of 500 million to one billion barrels.\nThe initial phase of development will target lifting field production to\napproximately 60 Mbopd by 2028. Further phases of development could target\nmore than doubling those initial production levels, with currently estimated\ncapex for later phases in the range of $2-3 per incremental barrel.\n\nGarrett Soden, Chief Executive Officer of ShaMaran, commented, \"The Hamrin\ninvestment is a natural extension of our cooperation with HKN, the operator of\nour two existing assets in the Kurdistan Region of Iraq. The Hamrin field in\nFederal Iraq is complementary to our existing Kurdistan production and\nreserves profile, and we expect material synergies from having the same team\noperate all three assets. Together with HKN, we are committed to increasing\nHamrin production to create significant value for Iraq and our shareholders.\"\n\nThe Hamrin JV farm-in consideration comprises a $35 million carry by ShaMaran\nof HKN's share of initial costs in the Hamrin co-venture, with a further $15\nmillion payable out of future cash flow once ShaMaran has recovered its\ninitial investment and carry in full.\n\nFinancing – Contemplated Bond Issuance\n\nElvis Pellumbi, Chief Financial Officer of ShaMaran, commented, \"On the back\nof the attractive Hamrin investment, we are looking to raise a new bond to\nbetter reflect the improved credit profile of our expanded asset portfolio,\nfund Hamrin growth capex and reduce interest costs. We see increased near-term\ncash flow from our existing assets due to the tri-party export agreement\ncoupled with an enhanced long-term outlook from the addition of future Hamrin\ncash flows.\"\n\nShaMaran has mandated Pareto Securities AS to be sole bookrunner and manager\nfor a contemplated bond of up to $200 million in order to refinance its\nexisting 2029 bond (ISIN NO0011057622) that has approximately $144 million\ncurrently outstanding. The proceeds from the new bond will be used to fund\nShaMaran's share of the Hamrin investment and for general corporate purposes.\nThe Company will host fixed income investor meetings, and a bond issuance may\nfollow subject to market conditions and acceptable terms. It is the Company's\nintention to exercise the applicable call option in the existing bond upon\nsuccessful issuance of the contemplated new bond.\n\nShaMaran to combine with Gulf Keystone Petroleum Ltd. (\"Gulf Keystone\")\n\nShaMaran and Gulf Keystone today announced that they have signed a merger\nagreement and a combination agreement to combine their businesses and create a\nplatform for growth in the Kurdistan Region of Iraq and Federal Iraq (the\n\"Transaction\"). A copy of the press release can be found at\nwww.shamaranpetroleum.com.\n\nAbout ShaMaran Petroleum Ltd.\n\nShaMaran is an independent oil and gas company with non-operated stakes in\nthree fields in Iraq. The Company indirectly holds a 50% working interest in\nthe Atrush Block and an 18% working interest in the Sarsang Block, both in the\nKurdistan Region of Iraq. The Company will also hold a 25% interest in the\nHamrin JV, which holds the Hamrin DPC in Federal Iraq. The Company is listed\nin Oslo on Euronext Growth and in Stockholm on Nasdaq First North (ticker\n\"SNM\"). ShaMaran is part of the Lundin Group of Companies.\n\nElvis Pellumbi, CFO, +41 22 560 8600, info@shamaranpetroleum.com,\nwww.shamaranpetroleum.com\n\nThis information is information that ShaMaran Petroleum Ltd. is obliged to\nmake public pursuant to the EU Market Abuse Regulation. The information was\nsubmitted for publication, through the contact person set out above, at 8:00\nCET on October 20, 2026.\n\nThis information is subject to the disclosure requirements pursuant to section\n5-12 of the Norwegian Securities Trading Act.\n\nThe Company's certified advisor on Nasdaq First North Growth Market is FNCA\nSweden AB.\n\nForward-Looking Statements\n\nMatters discussed in this announcement may constitute forward-looking\nstatements. The use of any of the words \"will\", \"expected\", \"planned\" and\nsimilar expressions and statements relating to matters that are not historical\nfacts are intended to identify forward-looking information and are based on\nthe Company's current belief or assumptions as to the outcome and timing of\ncertain future events. Certain information set forth in this news release\ncontains forward-looking statements.\n\n(https://mmx.prnewswire.com/media/MS2016615/ShaMaran-Petroleum-Ltd-ShaMaran-Announces-Investment-in-Iraq-an.pdf?id=OA3028122&p=original)\n\n \n\nView original content to download\nmultimedia:https://www.prnewswire.co.uk/news-releases/shamaran-announces-investment-in-iraq-and-contemplated-bond-issuance-302913246.html\n\n\n\nElvis Pellumbi, CFO, +41 22 560 8600, info@shamaranpetroleum.com, www.shamaranpetroleum.com\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-10-20T06:00:01.732144807Z","server_sent_at_ms":1792476001732},"received_at":"2026-10-20T06:00:01.783Z","source_url":null},"analysis":{"id":"161467","press_release_id":"173370","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":["new bond issuance conditional on market conditions and acceptable terms","$35M carry plus $15M deferred raises ShaMaran's capital commitment ahead of cash-flow generation","bond proceeds partly for 'general corporate purposes'","concurrent merger with Gulf Keystone adds execution and integration risk"],"eventType":"operations_update","narrative":"ShaMaran is expanding into Federal Iraq via a 25% stake in the Hamrin JV with HKN Energy, which holds 100% of the Hamrin development and production contract — a producing field currently at 20 Mbopd with 500 million to one billion barrels of estimated remaining gross resources.\n\nThe initial development phase targets lifting production to approximately 60 Mbopd by 2028 over the 25-year DPC term; the farm-in costs ShaMaran a $35 million carry plus $15 million payable from future cash flow.\n\nShaMaran has mandated Pareto Securities for a contemplated bond of up to $200 million to refinance its existing 2029 bond (about $144 million outstanding) and fund its share of the Hamrin investment.\n\nSeparately, ShaMaran and Gulf Keystone Petroleum have signed a merger agreement to combine their businesses, creating a larger Kurdistan/Federal Iraq production platform.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Triple catalyst for ShaMaran: Hamrin farm-in with 3x production target, up-to-$200M bond refinancing, and signed Gulf Keystone merger."},"keyFigures":{"dealValueUsd":"$35 million carry plus $15 million deferred","customDimensions":{"new_bond_size":"$200 million","dpc_term_years":25,"hamrin_ownership_pct":"25%","current_production_mbopd":20,"existing_bond_outstanding":"$144 million","production_target_mbopd_2028":60,"remaining_gross_reserves_bbl":"500 million to one billion barrels","later_phase_capex_per_incremental_bbl":"$2-3"}},"quotedText":"The Hamrin field in Federal Iraq is complementary to our existing Kurdistan production and reserves profile, and we expect material synergies from having the same team operate all three assets.","namedEntities":{"people":[{"name":"Garrett Soden","role":"CEO of ShaMaran"},{"name":"Elvis Pellumbi","role":"CFO of ShaMaran"}],"products":["Hamrin oil field","Atrush Block","Sarsang Block"],"companies":[{"name":"ShaMaran Petroleum Ltd.","ticker":"SNM","relationship":"filer"},{"name":"HKN Energy","relationship":"partner/operator"},{"name":"Gulf Keystone Petroleum Ltd.","relationship":"merger counterparty"},{"name":"Pareto Securities AS","relationship":"bond bookrunner"},{"name":"North Oil Company","relationship":"previous field operator (Iraqi state-owned)"},{"name":"Lundin Group","relationship":"parent group"}],"dollarAmounts":[{"amount":"$35 million","context":"ShaMaran carry of HKN's initial Hamrin costs (farm-in consideration)"},{"amount":"$15 million","context":"deferred payment from future cash flow after cost recovery"},{"amount":"$200 million","context":"contemplated new bond size"},{"amount":"$144 million","context":"outstanding on existing 2029 bond to be refinanced"},{"amount":"$2-3","context":"estimated capex per incremental barrel for later development phases"}]},"materialImpact":{"score":4,"reasoning":"Material strategic expansion: 25% farm-in to the producing Hamrin field in Federal Iraq (500M-1B bbl gross remaining resources, production target ~60 Mbopd by 2028), plus a contemplated up-to-$200M bond refinancing and a signed merger agreement with Gulf Keystone. Multiple transformative corporate actions in one release."},"tickerRelevance":{"others":[{"ticker":"SNM","relevance":"actual listing ticker of the filer on Euronext Growth Oslo and Nasdaq First North Stockholm"}],"primary":"SNMS"},"globalImportance":45,"audienceRelevance":25,"eventTypeSecondary":["debt_offering","m_and_a","partnership"],"importanceComponents":{"tickerTier":"small-cap","eventGravity":"strategic expansion + debt refinancing + M&A agreement","listingVenue":"European exchanges only, limited US retail audience","sectorWeight":"energy/E&P mid-materiality","marketCapAdjustment":"transformative relative to company size"}},"event_type":"operations_update","event_type_secondary":["debt_offering","m_and_a","partnership"],"sentiment":"bullish","material_impact_score":4,"narrative":"ShaMaran is expanding into Federal Iraq via a 25% stake in the Hamrin JV with HKN Energy, which holds 100% of the Hamrin development and production contract — a producing field currently at 20 Mbopd with 500 million to one billion barrels of estimated remaining gross resources.\n\nThe initial development phase targets lifting production to approximately 60 Mbopd by 2028 over the 25-year DPC term; the farm-in costs ShaMaran a $35 million carry plus $15 million payable from future cash flow.\n\nShaMaran has mandated Pareto Securities for a contemplated bond of up to $200 million to refinance its existing 2029 bond (about $144 million outstanding) and fund its share of the Hamrin investment.\n\nSeparately, ShaMaran and Gulf Keystone Petroleum have signed a merger agreement to combine their businesses, creating a larger Kurdistan/Federal Iraq production platform.","key_figures":{"dealValueUsd":"$35 million carry plus $15 million deferred","customDimensions":{"new_bond_size":"$200 million","dpc_term_years":25,"hamrin_ownership_pct":"25%","current_production_mbopd":20,"existing_bond_outstanding":"$144 million","production_target_mbopd_2028":60,"remaining_gross_reserves_bbl":"500 million to one billion barrels","later_phase_capex_per_incremental_bbl":"$2-3"}},"named_entities":{"people":[{"name":"Garrett Soden","role":"CEO of ShaMaran"},{"name":"Elvis Pellumbi","role":"CFO of ShaMaran"}],"products":["Hamrin oil field","Atrush Block","Sarsang Block"],"companies":[{"name":"ShaMaran Petroleum Ltd.","ticker":"SNM","relationship":"filer"},{"name":"HKN Energy","relationship":"partner/operator"},{"name":"Gulf Keystone Petroleum Ltd.","relationship":"merger counterparty"},{"name":"Pareto Securities AS","relationship":"bond bookrunner"},{"name":"North Oil Company","relationship":"previous field operator (Iraqi state-owned)"},{"name":"Lundin Group","relationship":"parent group"}],"dollarAmounts":[{"amount":"$35 million","context":"ShaMaran carry of HKN's initial Hamrin costs (farm-in consideration)"},{"amount":"$15 million","context":"deferred payment from future cash flow after cost recovery"},{"amount":"$200 million","context":"contemplated new bond size"},{"amount":"$144 million","context":"outstanding on existing 2029 bond to be refinanced"},{"amount":"$2-3","context":"estimated capex per incremental barrel for later development phases"}]},"model_name":"glm-5.3-flashx","prompt_hash":"sha256:5c812bd9e28b810d","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-10-20T06:00:17.079Z","global_importance":45,"audience_relevance":25,"importance_components":{"tickerTier":"small-cap","eventGravity":"strategic expansion + debt refinancing + M&A agreement","listingVenue":"European exchanges only, limited US retail audience","sectorWeight":"energy/E&P mid-materiality","marketCapAdjustment":"transformative relative to company size"}},"durationMs":9403,"modelName":"glm-5.3-flashx"}}