Shamaran said in a statement:
ShaMaran has signed a final binding agreement with the Kurdistan Regional Government ("KRG") to relinquish to the KRG the 60% working interests currently held in each of the Arbat and Pulkhana Production Sharing Contracts ("PSC").
Under the terms of the agreement the PSC for each of the Pulkhana and Arbat blocks is terminated whereby ShaMaran's interests in both PSCs are relinquished. The Company has agreed to a payment to the KRG of consideration valued at $US25 million after which the Company will be relieved of all further obligations under the PSCs.
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