Gulf Keystone, ShaMaran agree $601 million oil merger

Oct 20 (Reuters) - Gulf Keystone Petroleum said on Tuesday it would merge with Norway's ShaMaran Petroleum in a $601 million all-share 50-50 deal, creating one of the largest producers in Iraq's oil-rich Kurdistan region.

Here are some details from the statement:  

• ShaMaran shareholders to receive 0.07533958 Gulf Keystone share for each ShaMaran share held, with Gulf Keystone shareholders to receive a $50 million special dividend

• Merger combines operations across four Iraqi fields: Shaikan, Atrush, Sarsang and Hamrin

• Combined company expected to hold 323 million barrels of proved and probable reserves

• With pro-forma working interest production of 53,000 bpd, combined company ranks among the top 10 European listed independent oil producers

• Combined group has potential to reach 100,000 barrels of oil per day through development of Shaikan and Hamrin fields, a Gulf Keystone spokesperson said

• Dealmaking among Middle East-focused oil companies is supported by higher oil prices, with Genel Energy competing with Norway's DNO to buy Capricorn Energy

(Reporting by Prerna Bedi and Nithyashree R B in Bengaluru; Editing by Sherry Jacob-Phillips and Alexander Smith)