Merge to Establish Large Iraqi Kurdistan Oil Firm
Gulf Keystone Petroleum, listed on the London Stock Exchange, announced its merger with the Norwegian Sharman Petroleum in a deal valued at $601 million, creating one of the largest oil production companies in the Kurdistan Region of Iraq. Sharman shareholders will receive 0.075 Gulf Keystone share for each share they own, with both companies sharing approximately 50% ownership of the new entity. Gulf Keystone also plans to move its primary listing to Euronext Oslo and subsequently delist from London, amid a surge in oil deals in the region supported by rising oil prices resulting from the war in the Middle East.
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