(Source: Shutterstock.com)
Kosmos Energy Ltd. said Dec. 17 it will not make an offer for Tullow Oil after both companies confirmed discussions of a possible all-stock deal last week.
Kosmos gave no reason for breaking off the acquisition talks, which the companies had said were at a preliminary stage, the companies had said on Dec. 12.
However, after closing at $3.71 per share on Dec. 11, Kosmos shares had fallen 15.5% at $3.14 per share following the announcement.
Following the news, shares in Tullow Oil fell about 4%, while Kosmos stock rose by around 10%, Reuters reported.
Kosmos has a market value of approximately $1.75 billion; Tullow Oil has a market value is about 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.
London-based Tullow Oil’s producing assets are concentrated in West Africa, with production offshore Ghana, Gabon and Cote d’Ivoire.
Recommended Reading
Crescent Energy Closes $905MM Acquisition in Central Eagle Ford
2025-01-31 - Crescent Energy’s cash-and-stock acquisition of Carnelian Energy Capital Management-backed Ridgemar Energy includes potential contingency payments of up to $170 million through 2027.
Constellation Bets Big on NatGas in $16.4B Deal for Calpine
2025-01-10 - Constellation Energy will acquire Calpine Corp. in a $26.6 billion deal, including debt, that will give the pure-play nuclear company the largest natural gas power generation fleet.
Report: Will Civitas Sell D-J Basin, Buy Permian’s Double Eagle?
2025-01-15 - Civitas Resources could potentially sell its legacy Colorado position and buy more assets in the Permian Basin— possibly Double Eagle’s much-coveted position, according to analysts and media reports.
Petro-Victory Buys Oil Fields in Brazil’s Potiguar Basin
2025-02-10 - Petro-Victory Energy is growing its footprint in Brazil’s onshore Potiguar Basin with 13 new blocks, the company said Feb. 10.
Apollo Funds Acquires NatGas Treatment Provider Bold Production Services
2025-02-12 - Funds managed by Apollo Global Management Inc. have acquired a majority interest in Bold Production Services LLC, a provider of natural gas treatment solutions.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.