Gulf Keystone agrees to combine with ShaMaran Petroleum

• Gulf Keystone Petroleum will merge with ShaMaran Petroleum in an all-share transaction valuing ShaMaran’s equity at USD 601 million.
• ShaMaran shareholders will receive 0.07533958 shares per share held, leaving each company’s shareholders with approximately 50% of the combined business.
• Existing Gulf Keystone shareholders are expected to receive a USD 50 million special dividend at closing, subject to board approval.
• The combined business will hold four oil assets across Kurdistan and Federal Iraq, with estimated working-interest production of 53,000 barrels per day.
• Completion is expected in mid-2027, subject to shareholder and regulatory approvals, including clearance from the Kurdistan Regional Government.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Gulf Keystone Petroleum Ltd. published the original content used to generate this news brief on October 22, 2026, and is solely responsible for the information contained therein.