Kosmos Energy Announces Intention to List on the London Stock Exchange
Kosmos – Key Highlights Founded in 2003, Kosmos is a leading independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margins. In 2007, Kosmos discovered the Jubilee Field offshore Ghana, one of the largest oil discoveries offshore West Africa during the last decade. Oil production began in 2010, just 42 months after discovery, a record for a deepwater development in this water depth in West Africa. In 2011, Kosmos undertook an initial public offering of its shares, with trading beginning on the New York Stock Exchange (“NYSE”) on 11 May 2011. Building on its initial success, Kosmos opened a new basin offshore Mauritania and Senegal in 2015-2016 with major discoveries of natural gas, including the Greater Tortue area. According to Kosmos’ estimates, it has now discovered approximately 40 trillion cubic feet of gross pmean resource through the drilling of six consecutive successful exploration and appraisal wells offshore Mauritania and Senegal at a 100% success rate. In December 2016, Kosmos announced a partnership with BP in Mauritania and Senegal following a competitive farm-down process. As a result of the transactions, Kosmos’ balance sheet has been strengthened by materially reducing its capital expenditure requirements, effectively funding its Mauritania-Senegal exploration and development work program for the next several years. This includes three consecutive high impact exploration wells beginning in the third quarter of 2017, and the development of the Greater Tortue field. Kosmos’ solid balance sheet with $1.2 billion in liquidity, low leverage, and strong free cash flow generation has enabled management to consistently execute its growth strategy in a low commodity price environment. Currently, all of Kosmos’ operating revenues are generated from its operations offshore Ghana. During the first half of 2017, gross sales volumes from Ghana averaged approximately 132,000 barrels of oil per day (net: 26,900 bopd).
Background to and reasons for the listing
“We believe that Kosmos represents a compelling investment proposition both in terms of its upcoming high-impact exploration program and the development of recent gas discoveries. We have experienced tremendous growth over the years driven by increasing production and cash flow in Ghana and recent discoveries offshore Mauritania and Senegal. “This secondary listing is the next step in the company’s evolution. Our NYSE listing has enabled Kosmos to attract blue chip investors and given us access to significant opportunities. We selected the LSE for our secondary listing because of its strong liquidity, reputation for transparency, and participants’ knowledge of the role of frontier exploration and development in our industry”.The listing process is expected to be completed later in the third quarter of 2017. Source / More: Kosmos Oil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>