ShaMaran Petroleum Ltd. Reports Q2 2026 Results Amid Ongoing Iran War
ShaMaran Petroleum Ltd., an oil company listed on Euronext Growth Oslo (SNM) and Nasdaq First North Stockholm (SNM), reported its financial and operating results for the second quarter of 2026. The company's CEO, Garrett Soden, stated that the Iran war had a significant impact on Kurdistan oil production, with international oil companies mostly shut-in since March 2026.
ShaMaran completed its corporate continuance from Canada to Bermuda and changed its primary listing from Toronto to Oslo during the quarter. The company is working with the Iraqi State Organization for Marketing of Oil and the Iraqi Ministry of Oil to receive top-up payments due for oil export sales. The interim agreements between the Kurdistan Regional Government, the Government of Iraq, and several international oil companies, including ShaMaran, were recently extended to September 30, 2026.
ShaMaran's revenue in Q2 2026 was $17.8 million, a 50% decrease from Q2 2025 due to the shut-in. The company's average daily oil production at the Atrush and Sarsang blocks was temporarily reduced due to the Iran war. ShaMaran has cash of $29.0 million and gross debt of $143.8 million as of June 30, 2026.