Accra, Ghana — ESI-AFRICA.COM — 15 June 2011 – Kosmos Energy “’ a premier international oil and gas exploration and production company focused on West Africa “’ plans to list on the Ghana Stock Exchange to raise around US$50 million to fund development of further operations in the country.
Kosmos chief executive Brian Maxted said the company had decided to stay in Ghana as a development partner in the Jubilee field, and was offering Ghanaians the opportunity to take a stake in the initiative.
“Kosmos is here to stay and as part of our long-term commitments to our operations in Ghana, we will be listing on the Ghana Stock Exchange before the end of this year,” Maxted told a news briefing here.
Backed by private equity firms Blackstone Group and Warburg Pincus, Kosmos owns a 23.49% stake in the offshore oilfield, operated by Britain’s Tullow Oil and holding as much as 2 billion barrels of light crude.
Kosmos recently raised nearly US$600 million in an IPO launch on the New York Stock Exchange, and Maxted attributed the success of the offering partly to the potential of Jubilee.
“The company has invested about US$1 billion in the Jubilee development so far,” he said, adding that a chunk of any further funds raised would also be invested in projects in Ghana.
“We are still undertaking exploration work in other parts of the field and we intend investing a lot more to develop these projects,” Maxted said, indicating that Kosmos would stay in Ghana for the next 20 to 25 years.