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Oracle shared memory exception ORA-04031

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I’m trying to establish an Oracle database connection. It throws the following exception:

ORA-04031: unable to allocate 4048 bytes of shared memory 
  ("shared pool","unknown object","sga heap(1,0)","kglsim heap")

I have tried connecting the database through JDBC as well as SQL Developer, however it throws the exception in both case.

How can I fix this?


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