Gulf Keystone Petroleum Ltd Com Shs

GKP · Main Market · Energy · mcap £462m · 213.0p 3 open situations →

EV: £881m
EV / EBIT: –
Net cash: £46.1m
FCF yield: 5.3%
Revenue: £126m
Cash returned: 5.4%
Share price 1y: +19%
Insiders 12m: sold £227k
Next report: around 24 Aug

Gulf Keystone operates the Shaikan oil field in the Kurdistan region of Iraq under a production sharing contract. It sells crude either locally or through the Iraq-Türkiye Pipeline and returns surplus cash to shareholders.

Timeline · every situation

dots = announcements

20252026 Merger with ShaMaran 3 directors buying Special dividend 1 director buying 1 director buying 1 director buying

Open · 3

Large acquisition / reverse takeover◷ in 36 days

Merger with ShaMaran

Merger agreed; awaiting approvals

Gulf Keystone and ShaMaran signed a Bermuda merger agreement on 20 Oct 2026, with Gulf Keystone surviving. ShaMaran is valued at about $601m in new GKP shares and each side would own about 50%. Completion needs 75% (GKP) and 66.67% (ShaMaran) votes. Both companies plan bond issues to refinance or fund capex.

Consideration: 0.07533958 new GKP shares per ShaMaran share; about $601m total, based on 225p close on 19 Oct 2026 20 Oct 2026 ↗
Premium: 22.9% to ShaMaran 19 Oct close; 13.5% adjusted for the USD 50m special dividend 20 Oct 2026 ↗
Board view: Both boards unanimously approved the merger 20 Oct 2026 ↗
Irrevocables: Lundin family (~25.6% of ShaMaran) and Lansdowne (~13% of GKP) intend to vote in favour 20 Oct 2026 ↗
Timetable: Merger document about 1 Dec 2026; SGMs about 22 Dec 2026 20 Oct 2026 ↗
Conditions: Shareholder approvals (75% GKP, 66.67% ShaMaran), customary conditions; no financing condition 20 Oct 2026 ↗