Share: VANCOUVER, BC, May 13, 2021 /CNW/ - ShaMaran Petroleum Corp. ("ShaMaran" or the "Company") (TSXV:SNM) (Nasdaq First North Growth Market (Sweden): SNM), in line with other producing IOCs in Kurdistan, has received a letter from the Kurdistan Regional Government ("KRG") proposing an amendment, starting with the March 2021 oil sales and entitlement invoice, to payment terms due to the ongoing challenges in Iraq with the COVID-19 pandemic. View PDF version The KRG has noted that since the dated Brent price has remained consistently well above $50 per barrel, the monthly repayment of outstanding arrears will now be calculated as 20% (compared to 50% previously) of the difference between the average monthly dated Brent price and $50 per barrel multiplied by the gross Atrush crude oil volumes sold in a month. The balance to ShaMaran for the November 2019 to February 2020 outstanding invoices currently stands at $38 million.