ShaMaran Successfully Places $200 Million Bond Issuance
News related to:ShaMaran Petroleum Ltd · 2 min read
HAMILTON, Bermuda, Oct. 21, 2026 /CourierPR/ -- ShaMaran Petroleum Ltd. has successfully placed $200 million in new five-year senior unsecured bonds with a coupon rate of 10.25% per annum. The bond issuance, which met strong international demand and was significantly over-subscribed, aims to refinance the existing $144 million 2029 bond maturity (ISIN NO 0011057622) to fund investments in the Hamrin field in Federal Iraq and for general corporate purposes.
The company plans to call the existing bond at the prevailing call price following the settlement of the new bond. Settlement of the bond issue is expected to occur on or about November 5, 2026, subject to customary conditions precedent. An application will be made for the bonds to be listed on the Euronext ABM market in Oslo. ShaMaran intends to publish its financial statements for the three months ending September 30, 2026, on November 9, 2026.
ShaMaran is an independent oil and gas company with non-operated stakes in three fields in Iraq. The company indirectly holds a 50% working interest in the Atrush Block and an 18% working interest in the Sarsang Block, both in the Kurdistan Region of Iraq. It will also hold a 25% interest in the Hamrin Joint Venture (JV), which holds the Hamrin Development Production Sharing Contract (DPC) in Federal Iraq.
The company's financials and operations are closely tied to the Hamrin field, which is expected to play a significant role in the company's future growth. The successful bond issuance will help ShaMaran manage its debt and secure the necessary funding to continue its exploration and development activities in the region.
The bond issuance is part of ShaMaran's ongoing efforts to strengthen its financial position and support its strategic initiatives. The company has announced a contemplated combination with Gulf Keystone Petroleum Ltd., subject to the required approvals. This combination is expected to further enhance ShaMaran's operational and financial capabilities.
The bond issuance is a testament to the strong market interest in ShaMaran's debt instruments and the company's ability to execute on its strategic plans. The successful placement of the bonds will provide ShaMaran with the financial flexibility needed to pursue its growth opportunities in Iraq and beyond.