ShaMaran Shares Fall as Total Buys Stake in Taza

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By John Lee.
Shares in ShaMaran Petroleum were down 13% on Monday following the announcement that the company has sold its entire 20% undivided participating interest in the Taza PSC (held by the fully-owned subsidiary ShaMaran Petroleum B.V.) to a subsidiary of Total S.A. for the cash sum of US$ 48 million 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 80 kilometers southwest of the city of Sulaimaniya. The exploration well is planned to a depth of 3,250 meters.
Prior to the sale ShaMaran held a 20% participating interest in the Taza Block. Oil Search (Iraq) Limited holds a 60% participating and is the Operator of the Block. The remaining 20% interest in the block is held by the Kurdistan Regional Government of Iraq and was carried by ShaMaran and Oil Search.
(Sources: ShaMaran, Yahoo!)