Kurdistan-focused oil firms Gulf Keystone, ShaMaran agree $601 million merger

By Reuters News

Oct 20 (Reuters) - UK-listed Gulf Keystone Petroleum GKP.L said on Tuesday it will merge with Norway's ShaMaran Petroleum SNMS.OL in a $601 million all-share deal, creating one of the largest oil producers in Iraq's Kurdistan region.


  • Under the agreement, ShaMaran shareholders will receive 0.07533958 Gulf Keystone shares for each ShaMaran share held

  • Following completion of deal, shareholders of each company will own about 50% of the combined company

  • Gulf Keystone intends to move its primary listing to Euronext Oslo Børs' main list and eventually discontinue its London listing, the company said

  • The merger comes as dealmaking among Middle East-focused oil companies gathers pace, supported by higher oil prices stemming from the Middle East war

  • Gulf Keystone's London-listed peer Genel Energy GENL.L is competing with Norway's DNO DNO.OL to acquire Capricorn Energy CNE.L

  • Gulf Keystone, Genel, DNO and ShaMaran all operate in Iraq's oil-rich Kurdistan region

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