Gernandt & Danielsson advises ShaMaran Petroleum on merger with Gulf Keystone Petroleum

Gulf Keystone Petroleum Ltd and ShaMaran Petroleum Ltd entered into a merger agreement on 20 October 2026, pursuant to which ShaMaran will merge with Gulf Keystone as surviving company. The merger consideration consists of shares in Gulf Keystone and values all shares in ShaMaran at approximately USD 600 million. On a pro forma basis, the combined company will have a market capitalisation in excess of USD 1 billion. Gulf Keystone is listed on the Main Market of London Stock Exchange and Euronext Growth Oslo. ShaMaran’s shares are listed on Euronext Growth Oslo and its Swedish depository receipts are listed on Nasdaq First North Growth Market Stockholm. The merger is conditional upon, among other things, the receipt of all necessary regulatory clearances and the approval by the general meetings of both companies. ShaMaran’s board of directors recommends holders of shares and depository receipts in the company to vote in favour of the merger at the general meeting of ShaMaran.

Gernandt & Danielsson is advising ShaMaran with a team consisting of partners Carl Westerberg and Daniel Sveen, counsel Erika Olofsson and associate Erik Schwartz.