ShaMaran Petroleum Corp. (SNM.V) on Saturday said first-quarter net loss from continuing operations was $26.11 million compared to profit of $540 thousand last year.
Net loss totaled $26.15 million in comparison with $462 thousand profit in the previous year.
This year, the company incurred $248 thousand in impairment losses as well as $25.73 million related to relinquishment costs.
The company noted that the appraisal work program and budget on the Atrush Block has been approved by the KRG and that 3D seismic acquisition on the Atrush Block is on schedule to be completed by the end of June.
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