UK-listed Gulf Keystone Petroleum said on Tuesday it will merge with Norway's ShaMaran Petroleum in a $601 million all-share deal, creating one of the largest oil producers in Iraq's Kurdistan region. Under the agreement, ShaMaran shareholders will receive 0.07533958 Gulf Keystone shares for each ShaMaran share held. Following completion of deal, shareholders of each company will own about 50% of the combined company. Gulf Keystone intends to move its primary listing to Euronext Oslo Børs' main list and eventually discontinue its London listing, the company said. The merger comes as dealmaking among Middle East-focused oil companies gathers pace, supported by higher oil prices stemming from the Middle East war. Gulf Keystone's London-listed peer Genel Energy is competing with Norway's DNO to acquire Capricorn Energy, Reuters reported. Gulf Keystone, Genel, DNO and ShaMaran all operate in Iraq's oil-rich Kurdistan region.
