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ShaMaran Petroleum Corp. confirmed the sale of ShaMaran's entire 20% undivided participating interest in the Taza production-sharing contract to a subsidiary of Total S.A. for the cash sum of $48 million, plus a reimbursement for costs incurred on joint operations from April 1, 2012, until the closing date.
The Taza-1 exploration well is currently drilling on the Taza prospect, which is located approximately 80 km southwest of the city of Sulaimaniya, Iraq. The exploration well is planned to a depth of 3,250 m (10,662 ft).
Prior to the sale, ShaMaran held a 20% participating interest in the Taza Block. Oil Search (Iraq) Ltd. holds 60% participating and is the operator of the block. The remaining 20% interest in the block is held by the Kurdistan Regional Government of Iraq and was carried by ShaMaran and Oil Search.