ShaMaran Petroleum Corp. provided an operational update on the Atrush and Taza blocks.

The Taza-1 well, located in the Kurdistan region of Iraq, commenced drilling on July 3. The prospect is about 80 km (50 mi) southwest of the city of Sulaymaniyah. The primary objectives are Miocene and Oligocene carbonates of the Jeribe and Euphrates formations.

The planned depth of the well is 3,250 m (10,662 ft) and estimated to take approximately 100 days to drill.

ShaMaran holds a 20% participating interest in the Taza Block. Oil Search Ltd. holds a 60% participating and is the block operator. The Kurdistan Regional Government has the remaining 20% interest in the block which is carried by ShaMaran and Oil Search.

The Atrush-2 appraisal well spudded on May 23 and operations have proceeded ahead of schedule. The well is expected to take approximately 65 days to reach a total depth of 1,750 m (5,741 ft). The well is situated 3.1 km (2 mi) east of the discovery well.

Meanwhile, 3D seismic acquisition continues in the eastern part of the Atrush block on schedule for completion in July.

The Atrush block is operated by the joint-venture company General Exploration Partners Inc., which holds an 80% working interest in the block. Aspect Holdings LLC, through its Aspect Energy International LLC subsidiary, has a two-thirds interest, and ShaMaran Petroleum Corp., through its wholly owned subsidiary, ShaMaran Ventures BV, holds a 33.5% interest in GEP, thereby a 26.8% indirect net interest in Atrush. Marathon Petroleum KDV B.V., a wholly owned subsidiary of Marathon Oil Corp., holds a 20% interest in the block.