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ShaMaran retires $4.95 million 12% bonds due 2023
By Wendy Van Sickle
Columbus, Ohio, April 6 – ShaMaran Petroleum Corp. said it retired $4.95 million of its $240 million 12% senior bonds due 2023 (ISIN: NO0010826456), which it purchased at “commercially attractive” rates, according to a news release.
The company said its amortization payment due in December 2021 has been reduced by 33%.
ShaMaran said the debt reduction was enabled by continued sustained production in the Atrush field and the first quarter 2021 increase in oil prices.
Vancouver, B.C.-based ShaMaran is a Kurdistan-focused production, development and exploration company.
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