IOR: Turkey to develop disputed Iraqi oil territory

By pathai
Wed, 19 Jun 2013 01:17:00 GMT



A Kurdish peshmerga fighter plants the Kurdish flag on top of a hill in the disputed territories. (KAMARAN NAJM/Metrography/Iraq Oil Report)

By BEN LANDO, PATRICK OSGOOD AND BEN VAN HEUVELEN of Iraq Oil Report

Published Wednesday, June 19th, 2013

Iraq's autonomous Kurdistan region has confirmed that a Turkish company will develop six oil and gas exploration blocks, including two in disputed territories – the latest sign that a highly anticipated and controversial bilateral energy deal with Ankara is moving forward.A new map published with the cooperation of Kurdistan's Ministry of Natural Resources (MNR) names a "Turkish entity" as the operator of two blocks in disputed territories in Ninewa and Salahaddin provinces as well as four... By pathai

Re: AUCTION???

By Heres_Hoping
Tue, 18 Jun 2013 23:14:00 GMT

I am actually thinking this eBay idea isn't such a great idea. I have realised that Exxon probably haven't got an account and even if they did how could we be sure that the Chinese also have one too.

Sorry guys I didn't think it through properly....maybe Freecycle? By Heres_Hoping

Re: AUCTION???

By emuledog
Tue, 18 Jun 2013 22:43:00 GMT

Will bidders with less than 5 feedbacks please e-mail Anastasia first otherwise your bid will be cancelled. Sorry but we have had previous bad experience with non-paying bidders By emuledog

Re: TPO

By AlBrad
Tue, 18 Jun 2013 22:19:00 GMT

GC Trader,

You're a real bore.



By AlBrad

Re: AUCTION???

By FiFiGiGi
Tue, 18 Jun 2013 22:17:00 GMT

Todd - AGM Paris 2011:

"The end game will be an auction".

Much water under the bridge since then, and much more to come. Let's hope the doldrums turn into the rapids very soon.

GLA
FiFi (Investor 'Day' Invitation arrived today!) By FiFiGiGi

snm

By geejay13
Tue, 18 Jun 2013 22:11:00 GMT

ANNUAL AND SPECIAL MEETING RESULTS

June 18, 2013 (SNM-TSXV & NASDAQ OMX-SNM)… ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") is pleased to report that at the Company’s Annual and Special Meeting held today in Vancouver, shareholders approved all of the resolutions put forward at the meeting, namely:

1. Received the consolidated audited financial statements of the Company for the year ended December 31, 2012;

2. Appointed PricewaterhouseCoopers LLP, as auditor of the Company for the ensuing year and authorized the directors to fix their remuneration;

3. Fixed the number of directors at six (6);

4. Elected Keith Hill, Pradeep Kabra, Brian Edgar, Gary Guidry, Alexandre Schneiter and J. Cameron Bailey as directors for the ensuing year;

5. Approved the Company’s incentive stock option plan; and

6. Approved a special resolution authorizing an amendment of the Company’s Articles to include advance notice provisions with respect to election of directors.



About ShaMaran



ShaMaran Petroleum Corp. is a Kurdistan focused oil development and exploration vehicle with a 20.1% direct interest in the Atrush Block located in the region. This project is nearby and on trend with existing fields and recent discoveries.



Kurdistan lies within the northern extension of the Zagros Folded Belt. The area is highly underexplored and is currently undergoing a significant exploration and development campaign by over 40 international oil companies.



ShaMaran Petroleum is a Canadian oil and gas company listed on the TSX Venture Exchange and the NASDAQ OMX First North Exchange (Stockholm) under the symbol "SNM".



Forward-Looking Statements



This press release contains statements about expected or anticipated future events and financial results that are forward-looking in nature and, as a result, are subject to certain risks and uncertainties, such as legal and political risk, civil unrest, general economic, market and business conditions, the regulatory process and actions, technical issues, new legislation, competitive and general economic factors and conditions, the uncertainties resulting from potential delays or changes in plans, the occurrence of unexpected events and management’s capacity to execute and implement its future plans. Actual results may differ materially from those projected by management. Further, any forward-looking information is made only as of a certain date and the Company undertakes no obligation to update any forward-looking information or statements to reflect events or circumstances after the date on which such statement is made or reflect the occurrence of unanticipated events, except as may be required by applicable securities laws. New factors emerge from time to time, and it is not possible for management of the Company to predict all of these factors and to assess in advance the impact of each such factor on the Company’s business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking information.



On behalf of the Board,



Pradeep Kabra,

President and CEO



Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.



ShaMaran Petroleum's Certified Advisor on NASDAQ OMX First North is Pareto Öhman AB.



FOR FURTHER INFORMATION PLEASE CONTACT:

ShaMaran Petroleum Corp.
Keith Hill
Chairman
(604) 806-3583
khill@namdo.com



or



ShaMaran Petroleum Corp.
Pradeep Kabra
President and CEO
0041 22 560 8605
pradeep.kabra@shamaranpetroleum.com



or



ShaMaran Petroleum Corp.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
sophias@namdo.com
www.shamaranpetroleum.com
By geejay13

Re: TPO

By GC Trader
Tue, 18 Jun 2013 22:03:00 GMT

lap it up fuckwitts

TSC
-

LOL...

isn't it a bit early for another reliably informed (cough) Tag Team (ahem) regurgitated ramp...

I honestly thought the infamous Tag Team would have waited until after the passing of the judgement myself for maximum audience participation and effect...

hey ho bring it on... yesterdays news is tomorrows profits... sell orders at the ready...

rinse adjust repeat add infinitum...

whoop whoop... By GC Trader

Re: AUCTION???

By Heres_Hoping
Tue, 18 Jun 2013 22:01:00 GMT

Couldn't GKP put itself up for auction? Maybe with a reserve of some sort


What a fantastic idea. You could put it up on eBay with a relatively high reserve.

We could have a buy it now price too.just in case someone couldn't wait ...

Give Todd a call with the idea, or better bring it up at investor day.

By Heres_Hoping

AUCTION???

By Drilling Ahead
Tue, 18 Jun 2013 21:47:00 GMT

Couldn't GKP put itself up for auction? Maybe with a reserve of some sort. The Turks, French, Italians, British, Russians, USA, Chinese, Indians, Japanese... Just to name some of the more possibilities. Let the winner take all!

Isn't it the duty of the board of directors to maximize shareholder value? If our share price does not rise substantially in the near future... Shareholders need to push for the immediate sale of the company via an auction process initiated by our very own BOD!

I've been here four years now, and I am weary of all this. One way or another... I want this monetized. I am so frustrated now, I would take 5lbs tomorrow,but tomorrow only. In 2 months this would be 6lbs...
January, 2014. 8lbs
March, 2014. 10lbs

You get the idea. If this takes two more years... I would certainly expect 15lbs. Sorry guys, I am from the USA, typing on my IPad, and don't have a pound sign.

I don't think I would feel so beat up if the SP would have risen steadily over the last two years, so you would feel like you were getting to your final SP goal.

As I said, LET'S HAVE AN AUCTION!!

Drilling Ahead

By Drilling Ahead

Re: Iraqi Kurdistan gives Turkish company si...

By Barney71255
Tue, 18 Jun 2013 21:28:00 GMT

People on this Board have mentioned TPIC which is owned by BOTAS. Great news as BOTAS manage the export pipelinesnow Hawrami needs to speak out tomorrow


Newly BOTAS-owned Turkey oil firm seen boosting foreign presence


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Tue Jan 22, 2013 5:28am EST
* Move seen paving way for projects in northern Iraq

* TPIC capital to be increased to $500 million

* Turkey, Iraqi Kurdistan building ties amid Baghdad tension

By Orhan Coskun

ANKARA, Jan 22 (Reuters) - Turkey will increase the capital of the state Turkish Petroleum International Company (TPIC) and transfer its ownership to state energy company BOTAS in a move seen boosting foreign activities, particularly in northern Iraq.

The cabinet agreed to increase TPIC's capital to $500 million from $150 million and transfer its ownership from state oil company TPAO, Turkey's Official Gazette said on Tuesday.

Analysts said BOTAS' established name abroad and its experience in energy projects would increase the ability of TPIC, which has authority for foreign exploration and production of oil, to participate in projects abroad.

Ankara has been building on its trade and economic ties with Iraqi Kurdistan at a time of growing tensions with the central government in Baghdad.

In November, industry sources said an unnamed new Turkish oil company was in negotiations to acquire several blocks in Iraqi Kurdistan in a joint venture with at least one foreign oil major and the Kurdistan Regional Government.

Autonomous Iraqi Kurdistan has already signed deals with oil majors like Exxon Mobil and Total, defying the central government in Baghdad which says only it has the right to sign contracts for Iraq's oil resources.

Kurdistan says its right to sign oil deals is enshrined in the constitution. But Baghdad says those agreements are illegal and has warned companies they will be blacklisted from Iraq oil opportunities if they sign accords with Kurdistan.

Oil majors see better terms, security and an easier working environment in Kurdistan compared with tougher service contracts and difficulties with red tape, bureaucracy, and infrastructure bottlenecks that hit oil projects in the rest of Iraq.

Turkey's TPAO operates in southern Iraq but does not have any official operations in Kurdistan.

Political tensions between Baghdad and Ankara have been running high after Turkey accused Iraqi Prime Minister Nuri al-Maliki of sidelining Sunni Muslims in Iraq since the onset of a political crisis after U.S. troops left in December 2011.

The TPIC capital increase will be paid for from TPAO's shareholders' equity in a cash lump sum.

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By Barney71255

Re: Court slip up!!

By flash31
Tue, 18 Jun 2013 21:25:00 GMT

Agreed buriram9, the chatter on here re a rough guide on when the verdict will come being deemed as 'price sensitive' is nothing short of staggering. My mother in law is pretty lofty in the magistrate world and whilst I appreciate it's a different level of law she agreed that by saying roughly when a decision is expected is neither here nor there.

Now we have a guide of late July OR before 23rd Aug (latest) we can all reset our expectations and as a result hopefully this board can return to normality.

Gla By flash31

Re: TPO

By 111notout
Tue, 18 Jun 2013 21:13:00 GMT

old yes - any less true ?
Answers on back of envelope.
TSC - this board has morphed from parallel to surreal.
Next thing we'll have Macbeth forecasting imminent multi billion pound takeovers and a knighthood for TK.
By 111notout

Re: Iraqi Kurdistan gives Turkish company si...

By another level
Tue, 18 Jun 2013 21:07:00 GMT

Thanks CCC you beat me to it anyway By another level

Iraqi Kurdistan gives Turkish company six oil exploration blocks

By another level
Tue, 18 Jun 2013 21:05:00 GMT

Iraqi Kurdistan gives Turkish company six oil exploration blocks
Tue Jun 18, 2013 9:48pm BST

Sorry for the mobile link - if someone could post the full article please



By another level

Iraqi Kurdistan gives Turkish company six oil exploration blocks

By Chocolate Chip Cookie
Tue, 18 Jun 2013 21:05:00 GMT



Iraqi Kurdistan gives Turkish company six oil exploration blocks

Energy »
ISTANBUL, June 18 | Tue Jun 18, 2013 4:48pm EDT
(Reuters) - Local authorities have given an unnamed Turkish company licenses to explore for oil in Iraqi Kurdistan, according to a report, a move that could anger the central government in Baghdad already worried about the region's growing independence.

The report, co-published by The Oil & Gas Year and the autonomous Kurdistan Regional Government (KRG), is the first official confirmation of the deal. It said a company described only as "a Turkish entity" was given stakes in the Choman, Hindren, Arbat, Pulkhana, Jabal Kand and Khalakan blocks.

Resource-hungry Turkey and neighbouring Iraqi Kurdistan, rich in hydrocarbons, have been negotiating on energy since last year. However, the central government insists it has the sole authority to sign energy deals.

A Turkish Energy Ministry official declined to comment on the report published by Istanbul-based The Oil & Gas Year. A source at state company Turkiye Petrolleri (TPAO), Turkey's main oil exploration company, denied his company won the licences.

The Turkish entity will have 80 percent stakes in the Choman, Hindren and Arbat blocks, the report said.

Choman and Hindren are contiguous sections on the border with Iran, and Arbat is in the southeast near the city of Sulaymaniyah and has had some seismic work completed.

The entity will hold a 40 percent stake in Pulkhana in the south, where eight wells have been drilled, and Jabal Kand in the west. It is expected to be given a 40 percent stake in the Khalakan block in the east of Iraqi Kurdistan, the report said.

The ease of extraction and favourable production-sharing terms have attracted majors such Exxon Mobil Corp, Chevron Corp and Total SA to the Kurdistan region, despite threats of blacklisting from Baghdad, which considers the KRG contracts illegal.

The central government's refusal to pay for exports from the north has sharply reduced shipments, which are currently made overland by truck to Turkey.

Resolution of the dispute between the regional capital Arbil and Baghdad is essential if the Kurdish region is to reach its export goal of more than 1 million barrels of oil per day in by 2015. By Chocolate Chip Cookie