Northwire Canada EditionSaturday, July 11, 2026
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GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0% GLDN 0.055 +0.0% BRON 0.040 +0.0% BTO 5.43 −0.7% ESK 0.365 −2.7% AUMN 0.275 +0.0% GGX 0.040 +0.0% S 0.155 +29.2% NNX 0.035 +0.0% ABX 51.90 −0.6% TTS 2.40 −4.0% FCI 0.400 −9.1% GR 0.075 +0.0% AII 23.38 +12.4% TUNG 1.72 +1.8% LGO 1.01 −2.9% EMM 0.080 +0.0%
Financings Neutral

ShaMaran Announces Completion of Corporate Continuance to Bermuda and Update on Primary Listing in Oslo with Required Private Placement of up to EUR 1 million

ShaMaran Completes Bermuda Move Amidst Production Standstill; Oslo Listing Adds Liquidity but Debt Looms

By The Northwire Desk — AI Analysis May 28, 2026 · 02:30 SNM · 0.2 ShaMaran Petroleum Corp.
Executive Summary
  • ShaMaran Petroleum Ltd. has completed its corporate continuance from Canada to Bermuda and delisted shares from the TSX Venture Exchange.
  • Shares are expected to begin trading on Euronext Growth Oslo (EGO) under ticker symbol "SNM" by June 5, 2026.
  • A private placement retail share offering of up to EUR 1 million is launched to satisfy listing criteria with application dates May 28 to June 2, 2026.
  • Swedish Depositary Receipts (SDRs) were issued on May 28, 2026, with conversion to EGO shares commencing June 2, 2026.
  • The private placement price is set at a 10% discount to the volume-weighted-average price (VWAP) of SDRs during the application period.
  • Proceeds from the private placement are designated for general corporate purposes.
  • This follows previous announcements regarding the timeline for listing change and continuance made in January, March, and May 2026.
Material Impact
  • The completion of the listing move is a procedural milestone previously announced in January and March; it does not constitute new fundamental information.
  • The EUR 1 million private placement is immaterial relative to the company's net debt position of approximately $103 million, offering no significant liquidity relief.
  • Operational status remains critical: production at Atrush and Sarsang blocks has been shut-in since March 2, 2026, due to regional security concerns related to the Iran war.
  • Q1 2026 results showed revenue growth ($38.0 million) but a significant drop in net cash flow from operating activities (-33%) and production volumes (-45%).
  • The listing change may improve liquidity and access to European investors, but it does not mitigate the immediate operational risk of the security shut-in.
  • No material positive surprise is detected; the market likely priced in the listing transition months ago.
SNM · Price
Company Overview
  • ShaMaran Petroleum Ltd. operates primarily in the Kurdistan Region of Iraq.
  • Flagship Projects: Atrush Block (50% working interest) and Sarsang Block (18% working interest).
  • Production Status: Both blocks are currently shut-in as a precautionary measure due to regional security concerns related to the Iran war since March 2, 2026.
  • Previous operational highlights included the resumption of exports via the Iraq-Türkiye pipeline in September 2025 after a shutdown.
  • The company has shifted its legal domicile from Canada to Bermuda and primary listing from TSXV to Oslo.
Read the original news release →

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Jun 05, 2026 · 01:00

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ShaMaran Output Halts Indefinitely as Kurdistan Security Deteriorates

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