ShaMaran Petroleum Shifts Base to Bermuda, Eyes Oslo Listing
Event summary
- Shareholders overwhelmingly approved (99.53%) delisting from TSX Venture Exchange and corporate continuance to Bermuda on March 10, 2026.
- Company plans primary listing on Euronext Growth Oslo while maintaining secondary listing in Stockholm via Swedish Depositary Receipts.
- Shareholders also authorized amendment of deferred share unit grant agreements with 99.03% approval.
- ShaMaran holds 50% working interest in Atrush Block and 18% in Sarsang Block, both in Kurdistan region of Iraq.
The big picture
ShaMaran's move to Bermuda and Oslo listing reflects a strategic pivot towards European markets, likely aimed at attracting new investors and reducing regulatory burdens. This shift comes as the company seeks to optimize its operational structure while maintaining focus on its key assets in the Kurdistan region. The overwhelming shareholder approval indicates strong support for this restructuring, which may set a precedent for other Canadian energy firms considering similar moves.
What we're watching
- Market Access Strategy
- How the Oslo listing will impact ShaMaran's visibility and investor base compared to its Canadian and Stockholm listings.
- Regulatory Compliance
- Whether the company can successfully navigate the regulatory requirements for ceasing to be a reporting issuer in Canada.
- Operational Continuity
- The pace at which ShaMaran can complete the corporate continuance and new listing while maintaining operations in Kurdistan.
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