VANCOUVER, BC, May 8, 2024 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV:SNM) (Nasdaq First North: SNM) today released its financial and operating results and related management's discussion and analysis (MD&A) for the three months ended March 31, 2024. PDF Version Garrett Soden, President and CEO of ShaMaran, commented: "The Sarsang and Atrush blocks performed well in Q1 2024 with the highest quarterly EBITDAX1 since we started selling to the local market last year. We continue to focus on optimizing cash flow with our operating partners while looking to reach a commercial solution on the restart of exports through the Iraq-Türkiye pipeline. The timing of the pipeline reopening remains uncertain, but the relevant parties are working to resolve outstanding issues following the recent diplomacy between leaders of Kurdistan, Iraq and Türkiye. In the meantime, we look forward to closing the Atrush transaction with TAQA and HKN." Corporate Highlights: The closure of the Iraq-Türkiye ("ITP") pipeline since March 25, 2023, continues to have a material impact on ShaMaran's operations and financial results. The Company is actively engaging with the relevant parties to resume pipeline exports; ShaMaran generated $18.3 million in operating cash flow during the quarter from local sales, matching Q1 2023 operating cash flow (the last quarter prior to the ITP shutdown); The Q1 EBITDAX of $14.2 million is higher than the combined EBITDAX of the business in the previous three quarters since the ITP shutdown, further highlighting the Company's progress in generating strong cash flow through local sales; and Both Sarsang and Atrush delivered the highest quarterly production since the ITP shutdown, and we expect to increase production in both assets during the remainder of the year. Financial Highlights: Three months ended March 31, USD Thousands 2024 2023 Revenue 22,588 43,380 Gross margin on oil sales 6,840 22,098 Net result (493) 9,599 Cash flow from operations 18,315 18,266 EBITDAX 14,234 30,227 ___________________ 1 EBITDAX is a non-IFRS financial measure. Refer to the MD&A for more information. In Q1 2024, average gross daily oil production from Atrush and Sarsang combined was 57,400 bopd (66,800 bopd in Q1 2023), 14% lower than Q1 2023, while lifting costs were 42% lower than Q1 2023, primarily due to the continued focus on savings since the ITP closure; Q1 2024 oil sales to the Kurdistan local market averaged a net oil price of $36.49/bbl ($60.53/bbl in Q1 2023) and generated revenues to the Company of $22.6 million, 48% lower revenue than Q1 2023, mainly due to the lower net oil price in the local sales market; ShaMaran generated $17.5 million of free cash flow before debt service2 in Q1 2024 ($6.7 million in Q1 2023) as tight cost and capital expenditure controls helped optimize cash flow during the quarter; At