ShaMaran Completes 2023 Bond Amortization Payment

VANCOUVER, BRITISH COLUMBIA, December 10, 2021 /CNW/ – ShaMaran Petroleum Corp. (“ShaMaran” or the “Company”) (SNM: TSXV and Nasdaq First North Growth Market (Sweden)) is pleased to announce that the Company has today successfully completed the required December 2021 amortization payment which reduces the outstanding principal amount of the 2023 Bond1 to US$ 175 million. View PDF version

ShaMaran President and Chief Executive Officer Dr. Adel Chaouch stated: ““In what continues to be a transformational year for the Company and its stakeholders, we are pleased to reduce ShaMaran’s debt leverage on our business through this scheduled bond repayment. Further significant reduction of such leverage remains a key goal for us and we look forward to the expected closing of the TEPKRI acquisition expected in 2022 as the next step in the ShaMaran growth story.”
 

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This information is information that ShaMaran is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out below, on December10, 2021 at 5:30 p.m. Eastern Time. Pareto Securities AB is the Company’s Certified Advisor on Nasdaq First North Growth Market (Stockholm), +46 8402 5000, [email protected].

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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1 ShaMaran’s 12% senior unsecured Bond due 2023 (ISIN: NO 001082645.6)