Gulf Keystone Petroleum, ShaMaran Petroleum Agree to NOK5.7 Billion Merger

03:14 AM EDT, 10/20/2026 (MT Newswires) -- Gulf Keystone Petroleum (GKP.L) and ShaMaran Petroleum (SNM.OL, SNM.ST) agreed to merge, creating an independent oil producer focused on Kurdistan and Iraq, with Gulf Keystone as the surviving company, according to a Tuesday release. Under the deal, ShaMaran shareholders will receive 0.07533958 newly issued Gulf Keystone shares for each share held, valuing ShaMaran at 5.7 billion Norwegian kroner. Gulf Keystone also plans to pay its existing shareholders a special dividend of $50 million at closing. Shareholders of both companies are expected to each own about 50% of the combined company upon completion, which is expected in mid-2027, subject to shareholder and regulatory approvals. The Lundin family, ShaMaran's largest shareholder with a 25.6% stake, is expected to hold 12.8% of the combined company, with William Lundin proposed as nonexecutive chair. Gulf Keystone plans to move its primary listing to Euronext Oslo Børs' main market and discontinue its London listing.