ShaMaran Petroleum Corp. finalized agreements to enhance its indirect interest in the Atrush Block, Kurdistan, from 27.6% to 50%. In this two-step deal, HKN Energy IV, Ltd., an HKN affiliate, acquired a 25% stake and operatorship, pending necessary approvals. The first phase involved ShaMaran's subsidiary, General Exploration Partners, Inc. (GEP), purchasing TAQA Atrush B.V. from TAQA International B.V., thus obtaining a 47.4% interest in Atrush. This transaction required standard Dutch share sale conditions and Canadian stock exchange consents. Post Step 1, HKN IV commenced Atrush operations in anticipation of the deal's second phase, awaiting Kurdistan's Ministry of Natural Resources review.

The subsequent stage saw TABV transferring a 25% Atrush interest to GEP2, another GEP Cayman subsidiary, which was then sold to HKN IV for nominal consideration, granting them a 25% ownership and Atrush's operatorship, pending Kurdistan Regional Government approval. Post-transaction, the Atrush Block's ownership consisted of GEP (50%), HKN IV (25%), and the Kurdistan Regional Government (25%). This strategic move by ShaMaran, as emphasized by President and CEO Garrett Soden, aligns with their consolidation strategy in Kurdistan, enhancing synergies with HKN, their co-venturer in the adjacent Sarsang block.