ShaMaran Subsidiary to Contest TAQA Default Notice

ShaMaran Petroleum announced Monday that its wholly owned subsidiary, General Exploration Partners (GEP), will contest a default notice issued by TAQA that claims GEP failed to pay its full participating interest share of July and August cash calls for the Atrush Block Joint Operating Agreement.

GEP and TAQA disagree on the amount of payment which is due and payable by GEP under the JOA, which includes Marathon Oil, GEP and TAQA, and the ShaMaran subsidiary insists that it has paid, and will continue to pay, all cash calls in full in accordance with its participating interest. TAQA, which operates the Atrush Block located in Iraqi Kurdistan, has also issued Marathon Oil with a similar default notice.

In a statement on the ShaMaran website, GEP has said that it intends to respond to the default notice by providing TAQA with a written notice of dispute which will claim that TAQA has breached certain contractual and equitable obligations under the JOA including implementing the terms of the PSC. GEP has stated that it will seek to recover all losses, costs, expenses, compensation and damages in law and equity caused directly or indirectly by TAQA's breach of its contractual and equitable obligations as operator and that it will take all available and necessary interim measures to protect its interests under the JOA and the PSC.

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