ShaMaran and Gulf Keystone Merge to Form Oil Producer

ShaMaran Petroleum and Gulf Keystone Petroleum have signed a merger agreement to combine their operations into a single independent oil producer. The new entity will focus on production within the Kurdistan Region of Iraq and Federal Iraq, including the Hamrin field.

Structured as a statutory merger under Bermuda law, Gulf Keystone will serve as the surviving legal entity. The combined company is expected to have a market capitalization exceeding 1 billion USD, with estimated working interest 2P reserves of 323 million barrels and pro-forma production of 53 kbopd. Shareholders from both firms will each own 50% of the combined company.

As part of the transition, the companies plan to uplist shares to the Euronext Oslo Børs main market and discontinue the current listing on the London Stock Exchange. The deal has received support from major shareholders, including Lansdowne Partners Austria GmbH and the Lundin family via Nemesia S.à.r.l. William Lundin is proposed to serve as the Non-Executive Chair of the combined organization.