Ghana: Kosmos Scraps Plans to Increase Stake in Deepwater Tano Block

Kosmos Energy, an independent oil & gas exploration and production company focused on emerging areas in Africa and South America, yesterday reached a mutual agreement with Sabre Oil & Gas Holdings Ltd. (Sabre) to terminate the acquisition by Kosmos of Sabre’s participating interest in the Deepwater Tano Block, offshore Ghana.

According to the agreement signed between the companies in February, Kosmos was supposed to acquire Sabre’s 4.05 percent interest in the block for the price of $365 million, thus increasing its stake to 22.05 percent.

After the yesterday’s announcement, Kosmos’ interest in the Deepwater Tano Block, offshore Ghana, will remain at 18 percent. Other stakeholders in the Deepwater Tano Block include Tullow Oil plc (49.95 percent), Anadarko Petroleum Corporation (18 percent), and the Ghana National Petroleum Corporation (10 percent carried).

Kosmos’ asset portfolio includes existing production, major discoveries and exploration prospects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Mauritania, Morocco and Suriname and onshore Cameroon.

[mappress]
Offshore Energy Today Staff, May 4, 2012