Corporate Presentation - November 2011 - ShaMaran Petroleum ...

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Key Issues / Risks20Politics:» Moving in the right direction. <strong>Petroleum</strong> Law in Parliament» Baghdad & Erbil working towards resolutions of issues» Cost recovery payments on exports from Kurdistan a majormilestoneGas vs. Oil:» Two assets (Pulkhana & Atrush) are oil only» Increasing evidence that the two exploration blocks areoutside of the main gas-risk fairwayDrilling Operations:» Technical & managerial staff with multi-well (10+) and 5+years Kurdistan experience» Atrush drilled on time and within budget» Pulkhana reservoirs significantly shallower thanneighbouring blocks that experienced operating difficulties inthe south» First operated well drilled within budget. Geological sidetrackin progressArea that appears more gas prone(SNM blocks outside of region)
Building Value21Valuations are difficult due to lack of pure or publicised transactionsInternal estimated value of Contingent Resources / 2P reserves in the range of $4-$8 per barrel*McDaniel & Associates (2010 Report) / RPS Energy (post-drill Atrush-1)
Page 1 and 2: Exploration & Development in Kurdis
Page 3 and 4: In the Heart of the Middle East: Ku
Page 5 and 6: Kurdistan in Earliest Phase of Expl
Page 7 and 8: Asset Summary7ShaMaran has one of t
Page 9 and 10: Atrush Update9» Gross oil column o
Page 11 and 12: Atrush-1 Jurassic Oil Discovery11At
Page 13 and 14: Pulkhana Update: PLK-8RE13» Legacy
Page 15 and 16: Arbat Update15» High potential exp
Page 17 and 18: Taza Update17» Option agreement co
Page 19: Converting Resources to Reserves19A
Page 23 and 24: Health, Safety & Environment (HSE)2
Page 25 and 26: Profile & Contacts25» Symbol TSX V

Corporate Presentation - November 2011 - ShaMaran Petroleum ...

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