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ShaMaran Petroleum Corp V.SNM

Alternate Symbol(s):  SHASF

ShaMaran Petroleum Corp. is a Canadian independent oil and gas company focused on the Kurdistan region of Iraq (KRI). The Company is engaged in the business of oil and gas exploration and production and holds interests in production sharing contracts. The Company indirectly holds an 18% working interest (22.5% paying interest) in the Sarsang Block in the KRI through its wholly owned subsidiary ShaMaran Sarsang A/S and a 50% working interest (66.67% paying interest) in the Atrush Block in KRI through its wholly owned subsidiary General Exploration Partners, Inc. (GEP). The Company is focused on developing the considerable reserve and production upside potential of its projects.


TSXV:SNM - Post by User

Bullboard Posts
Post by Oregonduckon Jun 04, 2018 6:24pm
140 Views
Post# 28122883

Bonds Rollover

Bonds Rollover
The Company intends to issue USD 240 million of new bonds (the Bond Issue) to refinance USD 186 million of outstanding existing bonds and finance the acquisition of Marathon's 15% interest in Atrush for a price tag of USD $60 million...Doing the math, USD$60 million is the NPV to acquire Marathon 15% asset comprising of 15.4 Million bbls of gross 2P reserves and 44 million bbls of Gross Contingent Resource worth around USD$400 million. Depending on the new bonds' indentures, there are likely negative and restrictive covenants that could cause SNM to fall into default should things go south in a hurry in the most volatile region of the world. They still might do a 1-new-for- 10-old shares reverse splits which would not require shareholders' approval under the current TSX-V rules unless the consolidation is more than 1-for-10.
Bullboard Posts