Jon Harris
CEO & Director
Good morning, everyone, and thanks for joining us at short notice. I’m Jon Harris, CEO of Gulf Keystone Petroleum. Before we start, I’d like to note this important legal disclaimer, which I’ll leave you to review in your leisure. We’re excited to announce today that the GKP and ShaMaran Petroleum agreed to merge. To talk you through the rationale and benefits of the transaction, I’m joined by Garrett Soden, ShaMaran’s President and CEO; and Gabriel Papineau-Legris, Gulf Keystone’s Chief Financial Officer.
The combination of GKP and ShaMaran will create a leading independent oil producer focused on Kurdistan and Iraq. We believe there are several compelling reasons to merge, which will create significant value for our investors.
First, the combination creates a large, more diversified business by bringing together 4 world-class assets in Kurdistan and Iraq. Pro forma working interest production is around 53,000 barrels of oil per day, almost doubling the current contribution from Shaikan and placing the combined business among the top 10 largest independent listed in Europe.
Pro forma working interest 2P reserves totaled 323 million barrels, with further reserves and resources upside potential from ShaMaran’s new investment in the Hamrin field in Iraq. The combined portfolio of low-cost, long-life assets is highly complementary and will create a more resilient and stable business. ShaMaran’s nonoperated positions in Sarsang and Atrush, which are the adjacent blocks to the north
