(Source: Shutterstock.com)
Kosmos Energy Ltd. said Dec. 17 it will not make an offer for Tullow Oil after both companies confirmed discussions of a possible all-stock deal last week.
Kosmos gave no reason for breaking off the acquisition talks, which the companies had said were at a preliminary stage, the companies had said on Dec. 12.
However, after closing at $3.71 per share on Dec. 11, Kosmos shares had fallen 15.5% at $3.14 per share following the announcement.
Following the news, shares in Tullow Oil fell about 4%, while Kosmos stock rose by around 10%, Reuters reported.
Kosmos has a market value of approximately $1.75 billion; Tullow Oil has a market value is about US$483 million (£381 million).
Dallas-based Kosmos owns deepwater assets focused on the offshore Atlantic Margins, including the U.S. Gulf of Mexico (GoM), Ghana and Equatorial Guinea.
London-based Tullow Oil’s producing assets are concentrated in West Africa, with production offshore Ghana, Gabon and Cote d’Ivoire.
Recommended Reading
Formentera Joins EOG in Wildcatting South Texas’ Oily Pearsall Pay
2025-01-22 - Known in the past as a “heartbreak shale,” Formentera Partners is counting on bigger completions and longer laterals to crack the Pearsall code, Managing Partner Bryan Sheffield said. EOG Resources is also exploring the shale.
E&P Highlights: Feb. 18, 2025
2025-02-18 - Here’s a roundup of the latest E&P headlines, from new activity in the Búzios field offshore Brazil to new production in the Mediterranean.
E&P Highlights: Jan. 21, 2025
2025-01-21 - Here’s a roundup of the latest E&P headlines, with Flowserve getting a contract from ADNOC and a couple of offshore oil and gas discoveries.
E&P Highlights: Feb. 10, 2025
2025-02-10 - Here’s a roundup of the latest E&P headlines, from a Beetaloo well stimulated in Australia to new oil production in China.
Talos Energy’s Katmai West #2 Well Hits Oil, Gas Pay in GoM
2025-01-15 - Combined with the Katmai West #1 well, the Katmai West #2 well has nearly doubled the Katamai West Field’s proved EUR to approximately 50 MMboe gross, Talos Energy said.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.