Forza vs Shamaran Petroleum Shamaran 27.6% WI 11.000bd in Atrush field 40.000bbl/day operation. Also bought 18% from Total in the Sarsang field for $155m which produces 35.000bd = 6000kbd In total 16-17000 bbl day and present market cap of CAD 255m versus Forza at 96m and 12000bd (soon will be 15kbd. Pareto Securities resumes monitoring of the oil company Shamaran with a buy recommendation and a target price of SEK 1.20 (mkt cap CAD 430m). It appears from an update from the analysis house. Shamaran's acquisition of Tepkri Sarsang last year, which holds an 18% stake in the Sarsang license in Iraq, is expected to be completed in the near future and will lead to a more than doubling of Shamaran's production, corresponding to approximately 20,000 barrels per day. The acquisition is completed on time, according to Pareto, which refers to "the right opportunity in the oil price cycle". With the production increase from the acquisition, the research house predicts that Shamaran will generate a free cash flow in line with the oil company's market capitalization in 2024, calculated on an expected Brent price of approximately $ 100 per barrel. Combined with a 60 percent discount in relation to our NAV value (net asset value), we believe that this means a potential for the share to double to our new target price of SEK 1.20, with future M&As that would lead to an even greater upside potential ”, writes Pareto. Just before 12 o'clock on Tuesday, the share was up 9.5 percent to SEK 0.69.