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Kosmos Energy declares 17 million secondary offering

  • SOURCE: | qwesa2big
  • kosmosKosmos Energy Ltd. ( KOS ) recently announced that The Blackstone Group L.P. ( BX ) and Warburg Pincus LLC, the selling stockholders, have agreed to sell a secondary offering of 17 million shares.

    Kosmos will not receive any of the proceeds from the sale of the common shares. Barclays Plc ( BCS ) – acting as the underwriter of the offering – has been granted a 30-day option to purchase up to an additional 2.55 million common shares from the selling shareholders to cover any potential over allotments.

    This is a prudent move by the selling stockholders to offload shares of Kosmos when it is trading strongly on the bourses. The Kosmos stock currently trades in a 52-week range of $9.71 to $11.60. The stock has been trading near the upper end for the greater part of last month. Average volume of shares traded over the last three months stands at approximately 703,290.

    Kosmos Energy operates as an oil and gas exploration and production company focusing on the under-explored regions in Africa. The company is based in Hamilton, Bermuda. The company’s asset portfolio includes the existing production and other major project developments offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Ireland, Mauritania, Morocco, Suriname and onshore Cameroon.

    The company is making great strides in the under-explored regions in Africa. Recently, it received regulatory approval for its Tweneboa-Enyenra-Ntomme discoveries in Ghana.

    Kosmos Energy currently holds a Zacks Rank #1 (Strong Buy). Other stocks worth considering in the oil and gas sector include Callon Petroleum Company ( CPE ), which holds the same Zacks Rank.

    Source: B&FT

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