11:49 AM EDT, 08/07/2024 (MT Newswires) -- ShaMaran Petroleum ( SHASF ) on Wednesday said it closed the acquisition of TAQA Atrush and the subsequent sale of an indirect interest in Atrush to HKN Energy IV.

The two-step transaction announced in January increased ShaMaran's 28% indirect stake in the Atrush oil block in Iraq's Kurdistan region to a 50% working interest. ShaMaran sold an indirect 25% working interest to HKN Energy IV.

ShaMaran said an affiliate of HKN Energy is now the operator of the Atrush block, and the Kurdistan Regional Government's 25% working interest in the Atrush block was converted to a carried interest.

"We expect to increase production at Atrush and achieve significant synergies between the adjoining Atrush and Sarsang blocks with HKN as operator of both blocks," ShaMaran chief executive Garrett Soden said.

ShaMaran shares were last seen up $0.005 to $0.08 on the TSX Venture Exchange.

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