Oct 2026
Conyers advised ShaMaran Petroleum Ltd. (Euronext Growth Oslo: SNM) (ShaMaran) on its combination with Gulf Keystone Petroleum Ltd. (Gulf Keystone) by way of a statutory merger under Bermuda law, with Gulf Keystone as the surviving company.
ShaMaran and Gulf Keystone are both incorporated in Bermuda and entered into a combination agreement and Bermuda merger agreement. ShaMaran shareholders will receive newly issued Gulf Keystone shares valued at approximately US$601 million, equating to 0.07533958 Gulf Keystone shares for each ShaMaran share. The shareholders of each company will own approximately 50% of the combined company.
The transaction will create a leading independent oil producer focused on the Kurdistan Region of Iraq and Federal Iraq, Completion is subject to certain closing conditions, including shareholder approvals and Kurdistan Regional Government approval, and is expected in mid-2027.
Directors Guy Cooper, Robert Alexander, Senior Associate Lauren Pereira and Associate Kyra Dunstan advised on the matter.