ShaMaran Petroleum (TSE:SNM) has released an update.
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ShaMaran Petroleum Corp. reported strong financial resilience in the first quarter of 2024, achieving the highest quarterly EBITDAX since local market sales began despite the ongoing closure of the Iraq-Türkiye pipeline. The company matched its Q1 2023 operating cash flow with $18.3 million from local sales and saw the highest quarterly production since the pipeline shutdown. ShaMaran is actively negotiating to resume pipeline exports and is anticipating further production increases in the upcoming year.
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