ShaMaran Announces Strategic Investment in Iraq and Contemplated Bond Issuance

ShaMaran Petroleum Ltd. is expanding its strategic collaboration with HKN Energy into Federal Iraq through the Hamrin oil development and production contract (DPC). ShaMaran will acquire a 25% shareholding in HKN Hamrin Ltd., the joint venture company holding 100% of the Hamrin DPC. The Hamrin field is a large discovered and producing oil field, with an initial development phase targeting production of approximately 60 Mbopd by 2028.