Kosmos Energy is in early discussions to acquire U.K.-based Tullow Oil, the companies said Dec. 12. (Source: Shutterstock.com)
Kosmos Energy Ltd. is in early discussions to acquire Tullow Oil in an all-stock transaction, both companies confirmed on Dec. 12.
Talks on a potential deal are still in preliminary stages, the companies told investors Dec. 12. There can be no certainty that an offer will be made.
After closing at $3.71 per share on Dec. 11, Kosmos shares closed down 15.5% at $3.14 per share following the announcement.
Kosmos has a market value of approximately $1.75 billion; Tullow Oil has a market value of around 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.
The company also owns gas assets offshore Mauritania and Senegal, according to regulatory filings. Kosmos was founded in 2003 to explore for oil in overlooked parts of West Africa.
Kosmos’ third-quarter net production averaged 65,400 boe/d.
London-based Tullow Oil’s producing assets are concentrated in West Africa, with production offshore Ghana, Gabon and Cote d’Ivoire.
Tullow is working toward developing a discovery project in northern Kenya, and the company has exploration activities in South America.
Tullow’s net production over the first half of 2024 averaged 63,700 boe/d, the company said in August.
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