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Kosmos Energy to float shares valued at $50m on Ghana Stock Exchange

  • SOURCE: | qwesa2big
  • US oil company, Texas-based Kosmos Energy, currently one of the jubilee partners at Ghana’s oilfields says it will be listing on the Ghana Stock Exchange (GSE) later this year.

    Mr Brian Maxted, President and Chief Executive Officer (CEO) of Kosmos LLC told reporters in Accra on June 14, 2011 that the value of the shares is around $50 million even though he did not give the exact number and cost of shares it will be floating on the GSE.

    “In terms of how many shares, that decision has not been taken yet…My expectation is that it will be slightly below Tullow’s shares in terms of value of the total number of shares”, Mr. Maxted disclosed adding “Some thing in the $50 million range.”

    This is to develop the Jubilee oilfields as well as the six additional blocks which are gas associated to bring them on-stream, he says.

    Kosmos in a recent S-1 filing to the US Securities and Exchange Commission disclosed that it will invest about $400 million in the oil fields in Ghana.

    Maxted said the listing gives Ghanaians the opportunity to invest in Kosmos Energy “not just in our Ghana assets but other opportunities elsewhere in Africa”.

    Mr. Maxted added “It also provides opportunity for our staff to participate in the various stock programmes”.

    Kosmos raised $600 million from its Initial Public Offering (IPO) on the New York Stock Exchange (NYSE) last month.

    Kosmos indicated that it is working with the GSE to finalise the listing and all documents would be made public.

    “Before we float on the GSE, all the necessary documents will be made available by the company”, says Maxted.

    Commenting on Tullow’s shares on the GSE, he said, “Tullow’s floating of shares on the GSE is helpful for us…It has broken the ground on the process of listing on the GSE”.

    This can help the process to be fast, says Maxted. “If the process is fast, we could be doing the listing quicker. We would be proud to be listed alongside Tullow.” he says.

    If Kosmos’s listing becomes successful, it will be the second jubilee partner to be on the GSE after Tullow Oil.

    Tullow began floating four million shares on the GSE at GH¢31 per share on Monday June 13, 2011. It is expected to raise GH¢124 million at the end of the offer.

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