Gulf Keystone to merge with ShaMaran Petroleum

Gulf Keystone and ShaMaran signed a Bermuda statutory merger agreement on 20 October 2026; ShaMaran shareholders receive new Gulf Keystone shares worth about US$601m, and Gulf Keystone is to pay its own shareholders a US$50m special dividend at closing. The combined group would hold 323 MMbbl of 2P reserves and produce about 53,000 barrels a day, and plans to move to the main market of Oslo Børs and later end its London listing. The largest shareholders on each side (the Lundin family at ShaMaran, Lansdowne Partners at Gulf Keystone) intend to vote in favour; completion is subject to customary conditions (Gulf Keystone, exchange release, 20 Oct 2026).