Annonce • May 27
ShaMaran Petroleum Corp., Annual General Meeting, Sep 22, 2026 ShaMaran Petroleum Corp., Annual General Meeting, Sep 22, 2026. Annonce • Mar 06
ShaMaran Petroleum Corp. Announces Temporary Production Shut-In at Both the Atrush and Sarsang BlocksShamaran Petroleum Corp. Announces Temporary Production Shut-In At Both the Atrush and Sarsang Blocks On March 2, 2026, ShaMaran Petroleum Corp. announced a temporary production shut-in at both the Atrush and Sarsang blocks as a precautionary measure due to the regional security environment. HKN plans to restart production as soon as possible. Reported Earnings • Mar 06
Full year 2025 earnings released Full year 2025 results: Net income: (down US$82.2m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 39% per year, which means it is well ahead of earnings. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 46% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 46% per year for the foreseeable future. Minor Risk Profit margins are more than 30% lower than last year (9.2% net profit margin). Recent Insider Transactions • Jan 13
Independent Director recently bought CA$69k worth of stock On the 12th of January, Michael Ebsary bought around 300k shares on-market at roughly CA$0.23 per share. This transaction amounted to 33% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$1.6m more in shares than they bought in the last 12 months. Recent Insider Transactions Derivative • Jan 07
President exercised options to buy CA$137k worth of stock. On the 2nd of January, Garrett Soden exercised options to buy 624k shares at a strike price of around CA$0.12, costing a total of CA$75k. This transaction amounted to 3.9% of their direct individual holding at the time of the trade. Since March 2025, Garrett's direct individual holding has increased from 11.16m shares to 16.75m. Company insiders have collectively bought CA$836k more than they sold, via options and on-market transactions, in the last 12 months. Buy Or Sell Opportunity • Dec 05
Now 21% undervalued Over the last 90 days, the stock has risen 20% to CA$0.24. The fair value is estimated to be CA$0.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to decline by 1.2% per annum. Earnings are forecast to grow by 23% per annum over the same time period. Buy Or Sell Opportunity • Nov 19
Now 25% undervalued Over the last 90 days, the stock has risen 2.2% to CA$0.23. The fair value is estimated to be CA$0.31, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to decline by 1.6% per annum. Earnings are forecast to grow by 19% per annum over the same time period. Annonce • Nov 17
ShaMaran Petroleum Corp. to Report Fiscal Year 2025 Results on Mar 04, 2026 ShaMaran Petroleum Corp. announced that they will report fiscal year 2025 results on Mar 04, 2026 New Risk • Nov 07
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 9.2% Last year net profit margin: 77% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. Reported Earnings • Nov 07
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: US$28.9m (down 1.7% from 3Q 2024). Net income: US$1.87m (down 98% from 3Q 2024). Profit margin: 6.5% (down from 255% in 3Q 2024). Revenue is expected to decline by 1.5% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 3.5%. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 35% per year, which means it is well ahead of earnings. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.0% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 4.0% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Buy Or Sell Opportunity • Oct 30
Now 20% undervalued Over the last 90 days, the stock has risen 17% to CA$0.24. The fair value is estimated to be CA$0.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to decline by 0.7% per annum. Earnings are also forecast to decline by 4.0% per annum over the same time period. New Risk • Jul 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 17% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.4x net interest cover). Earnings are forecast to decline by an average of 17% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. New Risk • Jun 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (13% average weekly change). Large one-off items impacting financial results. Reported Earnings • May 09
First quarter 2025 earnings released First quarter 2025 results: Revenue: US$35.9m (up 59% from 1Q 2024). Net loss: US$1.11m (loss widened 124% from 1Q 2024). Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Annonce • Apr 11
ShaMaran Petroleum Corp., Annual General Meeting, Jun 23, 2025 ShaMaran Petroleum Corp., Annual General Meeting, Jun 23, 2025. Location: british columbia, vancouver Canada New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (CA$1.7m sold). Recent Insider Transactions Derivative • Mar 18
President exercised options to buy CA$855k worth of stock. On the 12th of March, Garrett Soden exercised 7.06m options to receive shares at no cost, then sold around 3.18m of them at CA$0.20 each and kept the remainder. Since June 2024, Garrett's direct individual holding has increased from 2.00m shares to 7.28m. Company insiders have collectively bought CA$182k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 13
Full year 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2024 results: EPS: US$0.03 (up from US$0.009 loss in FY 2023). Revenue: US$109.4m (up 32% from FY 2023). Net income: US$82.2m (up US$108.9m from FY 2023). Profit margin: 75% (up from net loss in FY 2023). Revenue missed analyst estimates by 17%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 33% p.a. on average during the next 2 years, compared to a 2.9% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Recent Insider Transactions • Feb 07
President recently sold CA$1.7m worth of stock On the 3rd of February, Garrett Soden sold around 11m shares on-market at roughly CA$0.15 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Garrett's only on-market trade for the last 12 months. Recent Insider Transactions • Dec 27
Independent Director recently bought CA$60k worth of stock On the 23rd of December, William A. Lundin bought around 502k shares on-market at roughly CA$0.12 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Nov 09
Third quarter 2024 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2024 results: EPS: US$0.03 (up from US$0.003 loss in 3Q 2023). Revenue: US$29.4m (up 133% from 3Q 2023). Net income: US$75.1m (up US$83.3m from 3Q 2023). Revenue missed analyst estimates by 19%. Earnings per share (EPS) exceeded analyst estimates. Revenue is forecast to grow 43% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • Nov 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.1x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.1x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 11
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: US$22.6m (up 246% from 2Q 2023). Net loss: US$509.0k (loss narrowed 98% from 2Q 2023). Revenue is forecast to grow 29% p.a. on average during the next 3 years, compared to a 2.7% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • May 09
First quarter 2024 earnings released First quarter 2024 results: Revenue: US$22.6m (down 48% from 1Q 2023). Net loss: US$493.0k (down 105% from profit in 1Q 2023). Revenue is forecast to grow 40% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Mar 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 13% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Annonce • Nov 10
ShaMaran Petroleum Corp. to Report Fiscal Year 2023 Results on Mar 06, 2024 ShaMaran Petroleum Corp. announced that they will report fiscal year 2023 results on Mar 06, 2024 Reported Earnings • Nov 10
Third quarter 2023 earnings released: US$0.002 loss per share (vs US$0.024 profit in 3Q 2022) Third quarter 2023 results: US$0.002 loss per share (down from US$0.024 profit in 3Q 2022). Revenue: US$12.6m (down 68% from 3Q 2022). Net loss: US$8.20m (down 112% from profit in 3Q 2022). Revenue is expected to decline by 8.8% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to grow by 4.7%. Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Annonce • Jul 14
ShaMaran Petroleum Corp. Announces a Partial or Complete Shutdown of Many Fields Located in the Kurdistan Region of Iraq ShaMaran Petroleum Corp. announced an operational and corporate update. The Company’s operations remain heavily impacted by the continued closure of the Iraq-Turkey pipeline (“ITP”), which has resulted in either a partial or complete shutdown of many fields located in the Kurdistan region of Iraq (“KRI”). ShaMaran understands that negotiations between officials in Iraq and Turkey about re-opening the ITP started in late June and will continue in the weeks ahead. The recent passage of the Iraq federal budget for 2023-2025, including a production commitment from the Kurdistan Regional Government ("KRG"), should enable regular monthly budget transfers from Iraq to the KRG, as well as normalization ofrelations between the region and the Federal Government of Iraq. The Company believes that a speedy re-opening of the ITP and resolution of the related outstanding commercial issues between international oil companies ("IOCs") and the KRG will benefit all parties involved. Since the ITP shutdown, ShaMaran and its operating partners have engaged in a number of initiatives aimed at cutting costs (both operating and capital expenditures) for the Company's two assets at Atrush and Sarsang. The current cost base run-rate has been reduced significantly below the original 2023 Work Plan and Budgets approved by the Ministry of Natural Resources of the KRG. All non-essential capital expendituresin the Atrush block have been cancelled or postponed for the remainder of the year, and a significant number of redundancies have been implemented by Taqa Atrush B.V., the Atrush operator, while retaining the capability to re-start field operations upon re-opening of the ITP and resolution of outstanding commercial issues. As announced by HKN Energy Ltd. ("HKN"), Sarsang production has continued since late April 2023 on a reduced, ad-hoc basis with sales to local refineries. HKN has cut remaining 2023 capital expenditures byover 75% with more opportunities for reduction being considered, alongside a significant and ongoing curtailment of operating expenditures and general and administrative expenses. ShaMaran is actively pursuing further cost-reduction initiatives and encouraging company's operating partners to pursue additional local sales to improve liquidity. The Company will also be engaging with its bondholders to seek additional balance-sheet flexibility given the current pipeline and payment situation in the KRI. New Risk • Jun 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Canadian stocks, typically moving 12% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Earnings are forecast to decline by an average of 25% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Recent Insider Transactions • May 20
President & CEO recently bought CA$128k worth of stock On the 16th of May, Garrett Soden bought around 2m shares on-market at roughly CA$0.064 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Garrett's only on-market trade for the last 12 months. Reported Earnings • May 12
First quarter 2023 earnings released: EPS: US$0.003 (vs US$0.007 in 1Q 2022) First quarter 2023 results: EPS: US$0.003 (down from US$0.007 in 1Q 2022). Revenue: US$43.4m (up 12% from 1Q 2022). Net income: US$9.60m (down 36% from 1Q 2022). Profit margin: 22% (down from 39% in 1Q 2022). Revenue is forecast to decline by 11% p.a. on average during the next 3 years, while revenues in the Oil and Gas industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Mar 31
President exercised options to buy CA$92k worth of stock. On the 24th of March, Adel Chaouch exercised options to buy 1m shares at a strike price of around CA$0.08, costing a total of CA$114k. This transaction amounted to 10% of their direct individual holding at the time of the trade. Since June 2022, Adel's direct individual holding has increased from 9.27m shares to 13.85m. Company insiders have collectively bought CA$1.5m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Mar 12
President exercised options to buy CA$205k worth of stock. On the 6th of March, Adel Chaouch exercised options to buy 2m shares at a strike price of around CA$0.08, costing a total of CA$182k. This transaction amounted to 22% of their direct individual holding at the time of the trade. Since March 2022, Adel's direct individual holding has increased from 8.09m shares to 10.33m. Company insiders have collectively bought CA$1.3m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 10
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: US$0.05 (up from US$0.006 in FY 2021). Revenue: US$176.7m (up 73% from FY 2021). Net income: US$115.0m (up US$101.6m from FY 2021). Profit margin: 65% (up from 13% in FY 2021). Revenue exceeded analyst estimates by 1.1%. Earnings per share (EPS) missed analyst estimates by 8.1%. Revenue is expected to fall by 7.9% p.a. on average during the next 3 years compared to a 1.4% decline forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Annonce • Feb 18
Shamaran Petroleum Corp. Provides Production Guidance for the Full Year 2023 ShaMaran Petroleum Corp. provided production guidance for the full year 2023. For the period, the company expects Net Average Daily Production between 15 kbopd - 18 kbopd. Annonce • Feb 13
ShaMaran Petroleum Corp., Annual General Meeting, Jun 22, 2023 ShaMaran Petroleum Corp., Annual General Meeting, Jun 22, 2023, at 08:00 Pacific Standard Time. Annonce • Nov 17
ShaMaran Petroleum Corp. Provides Production Guidance for the Fourth Quarter of 2022 ShaMaran Petroleum Corp. provided production guidance for the fourth quarter of 2022. Sarsang gross average daily production is expected to range between 42,000 barrels oil per day ("bopd") and 47,000 bopd and as such the combined gross average daily production of Atrush and Sarsang fields in fourth quarter 2022 is expected to range from 77,000 bopd to 88,000 bopd. Reported Earnings • Nov 12
Third quarter 2022 earnings released: EPS: US$0.03 (vs US$0 in 3Q 2021) Third quarter 2022 results: EPS: US$0.03 (up from US$0 in 3Q 2021). Revenue: US$39.8m (up 37% from 3Q 2021). Net income: US$66.4m (up US$66.4m from 3Q 2021). Revenue is expected to fall by 1.7% p.a. on average during the next 3 years compared to a 1.5% decline forecast for the Oil and Gas industry in Canada. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Annonce • Sep 30
ShaMaran Petroleum Corp. Appoints Elvis Pellumbi as the New Chief Financial Officer, Effective October 1, 2022 ShaMaran Petroleum Corp. announced that the board of directors of the company has appointed Elvis Pellumbi as the new chief financial officer of the company to join its management team, effective October 1, 2022. Mr. Pellumbi has 25 years of investing and capital market experience, with an exclusive focus on the global energy markets for the last 15 years. Most recently he held a senior advisory role to the company's management team, focusing on debt advisory and M&A, including the recently closed acquisition of Total Energies affiliate holding an interest in the Sarsang block in the Kurdistan Region. As part of his previous mandates, Elvis has invested well in excess of USD 500 million in oil & gas companies focused in the Kurdistan Region since 2009 and is very familiar with the key players in the sector. Major Estimate Revision • Sep 27
Consensus EPS estimates fall by 28% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from US$221.1m to US$208.9m. EPS estimate also fell from US$0.04 per share to US$0.03 per share. Net income forecast to grow 256% next year vs 29% growth forecast for Oil and Gas industry in Canada. Consensus price target of CA$0.14 unchanged from last update. Share price fell 11% to CA$0.08 over the past week. Annonce • Sep 16
ShaMaran Petroleum Corp. (TSXV:SNM) completed the acquisition of TEPKRI Sarsang A/S from TotalEnergies SE (ENXTPA:TTE). ShaMaran Petroleum Corp. (TSXV:SNM) signed an agreement to acquire Tepkri Sarsang A/S from TotalEnergies SE (ENXTPA:TTE) for approximately $180 million on July 12, 2021. Under the terms, ShaMaran will pay $135 million in cash, $14.2 million as working capital adjustment and $35 million as deferred consideration. The Company intends to finance the Acquisition through the issue of new debt, equity and by utilizing the Company’s cash balance. Transaction is subject to regulatory and exchange approvals in Canada, the Kurdistan Region and Sweden. The Acquisition is highly accretive and transformative to ShaMaran. Moelis & Company UK LLP acted as financial advisor to ShaMaran Petroleum Corp. Jefferies LLC acted as financial advisor to TotalEnergies SE. Chris Strong, Lauren Davies, Andrew Callaghan, Hill Wellford, Afzaal Abidi, David C. Smith of Vinson & Elkins acted as legal advisor to ShaMaran Petroleum and Simon Tysoe of Latham & Watkins LLP acted as legal advisor to TotalEnergies SE. Ben Parker and Dale Treloggen of KPMG acted as due diligence advisor to ShaMaran Petroleum Corp. Acquisition is expected to close in first half of 2022. As of July 12, 2022, ShaMaran Petroleum Corp is pleased to announce that the long stop date has been extended until November 12, 2022.
ShaMaran Petroleum Corp. (TSXV:SNM) completed the acquisition of TEPKRI Sarsang A/S from TotalEnergies SE (ENXTPA:TTE) on September 14, 2022. ShaMaran Petroleum has filed the necessary paperwork in Denmark to change Tepkri's name to ShaMaran Sarsang A/S and also to change its Copenhagen registered office address. Recent Insider Transactions Derivative • Aug 23
President exercised options to buy CA$80k worth of stock. On the 16th of August, Adel Chaouch exercised options to buy 1m shares at a strike price of around CA$0.75, costing a total of CA$797k. This transaction amounted to 11% of their direct individual holding at the time of the trade. Since March 2022, Adel's direct individual holding has increased from 8.09m shares to 9.27m. Company insiders have collectively bought CA$1.1m more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 10
Second quarter 2022 earnings released: EPS: US$0.01 (vs US$0.003 in 2Q 2021) Second quarter 2022 results: EPS: US$0.01 (up from US$0.003 in 2Q 2021). Revenue: US$44.8m (up 78% from 2Q 2021). Net income: US$21.2m (up 210% from 2Q 2021). Profit margin: 47% (up from 27% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 107%, compared to a 78% growth forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Annonce • Jul 26
ShaMaran Petroleum Corp. Provides Atrush Operations Update ShaMaran Petroleum Corp. announced Atrush operations update: Drilling operations have commenced on the CK-18 production well in the Atrush Block in the Kurdistan Region of Iraq. This well will be a Lower Jurassic deviated production well drilled to the south-west from the Chamanke G Pad and located to the north of wells CK-15 and CK-8. CK-18 is forecast to produce up to 2,000 barrels of oil per day. Workover operations have also commenced on CK-17 ST-1 production well in the Atrush Block in the Kurdistan Region of Iraq. CK-17 ST-1 is a side-tracked deviated well drilled from the Chamanke A Pad and penetrating the Upper Jurassic between the CK-5 and CK-8 wells. The main objectives of this workover will be to re-complete the well in the Upper Jurassic and to add perforations for stimulation to increase forecasted production up to 5,000 barrels of fluids per day. Also, drilling operations have recently concluded on CK-16, a water disposal well, drilled from the Chamanke G Pad and designed to provide redundancy to the existing Atrush water disposal well, CK-9. Major Estimate Revision • Jun 29
Consensus revenue estimates increase by 167% The consensus outlook for revenues in 2022 has improved. 2022 revenue forecast increased from US$87.9m to US$234.7m. EPS estimate increased from US$0.01 to US$0.04 per share. Net income forecast to grow 459% next year vs 28% growth forecast for Oil and Gas industry in Canada. Consensus price target of CA$0.15 unchanged from last update. Share price rose 5.9% to CA$0.09 over the past week. Annonce • Jun 24
ShaMaran Petroleum Corp. Approves the Appointment of Nick Walker as Director ShaMaran Petroleum Corp. at its Annual General Meeting held on June 23, 2022, approved the appointment of Nick Walker as director of the Company for the upcoming year. Recent Insider Transactions Derivative • Jun 01
President exercised options to buy CA$117k worth of stock. On the 27th of May, Adel Chaouch exercised options to buy 1m shares at a strike price of around CA$0.068, costing a total of CA$80k. This transaction amounted to 14% of their direct individual holding at the time of the trade. Since September 2021, Adel's direct individual holding has increased from 4.62m shares to 8.09m. Company insiders have collectively bought CA$308k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Apr 27
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: US$0.006 (up from US$0.067 loss in FY 2020). Revenue: US$102.3m (up 81% from FY 2020). Net income: US$13.4m (up US$157.8m from FY 2020). Profit margin: 13% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Oil reserves Proven reserves: 9.514 MMbbls Combined production Oil equivalent production: 3.594 MMboe Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 6.4%. Over the next year, revenue is expected to shrink by 12% compared to a 64% growth forecast for the oil industry in Canada. Over the last 3 years on average, earnings per share has increased by 4% per year and the company’s share price has also increased by 4% per year. Annonce • Apr 26
ShaMaran Petroleum Corp. Provides Production Guidance for Full Year 2022 ShaMaran Petroleum Corp. provided production guidance for full year 2022. The company expects 2022 average production guidance of 36,000 bopd to 41,000 bopd. Annonce • Apr 13
ShaMaran Petroleum Corp., Annual General Meeting, Jun 23, 2022 ShaMaran Petroleum Corp., Annual General Meeting, Jun 23, 2022. Reported Earnings • Nov 12
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: US$29.1m (up 89% from 3Q 2020). Net income: US$19.0k (up US$2.75m from 3Q 2020). Profit margin: 0.1% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Recent Insider Transactions Derivative • Aug 20
President exercised options to buy CA$59k worth of stock. On the 13th of August, Adel Chaouch exercised options to buy 991k shares at a strike price of around CA$0.059, costing a total of CA$58k. This transaction amounted to 27% of their direct individual holding at the time of the trade. Since September 2020, Adel's direct individual holding has increased from 1.38m shares to 3.63m. Company insiders have collectively bought CA$200k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS US$0.003 (vs US$0.006 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: US$25.2m (up 241% from 2Q 2020). Net income: US$6.83m (up US$21.5m from 2Q 2020). Profit margin: 27% (up from net loss in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Annonce • Jul 14
ShaMaran Petroleum Corp. Provides Production Guidance for the Second Quarter of 2021 ShaMaran Petroleum Corp. announced that it has signed an agreement with a subsidiary of TotalEnergies S.E. to acquire its affiliate (TEPKRI Sarsang A/S) holding an 18% non-operated participating interest in the Sarsang Production Sharing Contract (the "Sarsang PSC") in the Kurdistan Region of Iraq (the "Acquisition") for an initial consideration of USD 155 million plus working capital adjustments amounting to USD 14.2 million as of January 1, 2021. Adds immediate incremental participating interest production of approximately 5,000 bopd of light crude oil; Is expected to double ShaMaran's second quarter of 2021 average net production of 11,090 bopd following the completion of the processing facility expansion at Swara Tika field by mid-2022; Enhances ShaMaran's oil reserves through the addition of high API and low sulphur oil that achieves a low discount to Brent; and Provides a low cost structure with life-of-field operating expenditure anticipated to be approximately USD 5.60/boe. Additionally, the Sarsang crude is of high quality and enjoys one of the lowest price discounts to Brent in Kurdistan. In connection with the new facility being commissioned by mid-2022, the Sarsang block will also be connected to the Atrush feeder pipeline for future pipeline export and will thereby have a permanent pipeline connection to the export market. Annonce • Jun 05
ShaMaran Petroleum Corp. Announces Atrush block, Kurdistan Region of Iraq Production Results ShaMaran Petroleum Corp. announced the Atrush block, Kurdistan Region of Iraq, has surpassed the cumulative oil production milestone of 45 million barrels since its first oil in July 2017. In addition, a new development well, CK-17, has been drilled to TD with completion activities currently ongoing. The well is expected online within the next two weeks. Reported Earnings • May 06
First quarter 2021 earnings released: EPS US$0.001 (vs US$0.058 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: US$20.6m (up 3.9% from 1Q 2020). Net income: US$2.47m (up US$127.7m from 1Q 2020). Profit margin: 12% (up from net loss in 1Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Recent Insider Transactions Derivative • Mar 27
President exercised options to buy CA$135k worth of stock. On the 24th of March, Adel Chaouch exercised options to buy 2m shares at a strike price of around CA$0.051, costing a total of CA$114k. This transaction amounted to 162% of their direct individual holding at the time of the trade. Since September 2020, Adel has owned 1.38m shares directly. Company insiders have collectively bought CA$139k more than they sold, via options and on-market transactions, in the last 12 months. Reported Earnings • Mar 05
Full year 2020 earnings released: US$0.07 loss per share (vs US$0.006 loss in FY 2019) The company reported a poor full year result with increased losses, weaker revenues and weaker control over costs. Full year 2020 results: Revenue: US$56.7m (down 19% from FY 2019). Net loss: US$144.4m (loss widened US$131.0m from FY 2019). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 95 percentage points per year, which is a significant difference in performance. Analyst Estimate Surprise Post Earnings • Mar 05
Revenue and earnings miss expectations Revenue missed analyst estimates by 41%. Earnings per share (EPS) were also behind analyst expectations. Over the next year, revenue is forecast to grow 59%, compared to a 31% growth forecast for the Oil and Gas industry in Canada. Annonce • Mar 05
Mr. Brenden Johnstone to Leave ShaMaran Petroleum Corp. as Chief Financial Officer Mr. Brenden Johnstone, Chief Financial Officer, will be leaving the ShaMaran Petroleum Corp. later this month. Reported Earnings • Nov 08
Third quarter 2020 earnings released: US$0.002 loss per share The company reported a poor third quarter result with increased losses and weaker revenues and control over expenses. Third quarter 2020 results: Revenue: US$15.4m (down 18% from 3Q 2019). Net loss: US$2.73m (loss widened 13% from 3Q 2019). Over the last 3 years on average, earnings per share has fallen by 107% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.7%. Earnings per share (EPS) also surpassed analyst estimates by 234%. Over the next year, revenue is forecast to grow 14%, compared to a 2.8% growth forecast for the Oil and Gas industry in Canada.