Total Acquires Stake in Kurdistan PSC

Vancouver-based ShaMaran Petroleum announced Monday it has sold its entire 20 percent undivided participating interest in the Taza production sharing contract, held by ShaMaran's fully-owned subsidiary ShaMaran Petroleum B.V., to a Total S.A. subsidiary for $48 million cash plus a reimbursement for costs incurred on joint operations from the 1st April 2012 until the closing date.

The Taza-1 exploration well is currently drilling on the Taza prospect, which is located approximately 49 miles (80 kilometers) southwest of the city of Sulaimaniya. The exploration well is planned to a depth of 10,662 feet (3,250 meters).

Prior to the sale, ShaMaran held a 20 percent participating interest in the Taza Block. Oil Search (Iraq) Limited holds a 60 percent participating and is the operator of the block. The remaining 20 percent interest in the block is held by the Kurdistan Regional Government of Iraq and was carried by ShaMaran and Oil Search.

Late last month, Total acquired a 35 percent working interest in the Harir and Safen blocks in Iraq's Kurdistan region from Marathon.

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