...As share to be pegged at GH¢28
By Fred SARPONG
Kosmos Energy, one of the Jubilee partners, has announced that it will list on the Ghana Stock Exchange (GSE) before the end of this year to raise between US$50 and US$60 million to fund its oil development operations in the country.
At a media briefing in Accra last week, the company’s Chief Executive Officer (CEO), Brian Maxted, said the decision to list was a demonstration of the company's commitment to stay in Ghana and also help to develop the country.
"Kosmos is here to stay for the long time and as part of our long-term commitments to our operations in Ghana, we will be listing on the GSE before the end of this year to give Ghanaians the opportunity to be part owners of our company," Maxted said.
Kosmos Energy has raised nearly US$600 million in a successful Initial Public Offer on the New York Stock Exchange (NYSE).
The shares finished their first day of trading at US$18.24, or 1.3 percent above the IPO price, on the Exchange. This valued Kosmos at nearly US$7 billion despite its lack of profits but was in line with analysts' expectations based on its oil reserves.
Kosmos was backed by private equity firms Warburg Pincus WP.UL and Blackstone Group (BX.N) to raise US$594 million in its IPO, selling more shares than expected at the top of a proposed price range.
With this initiative, Kosmos has caught the attention of potential buyers eager to obtain its assets in Ghana, where Kosmos made one of the world's largest recent oil discoveries in 2007.
In Ghana, investors will have to prepare to buy Kosmos share at a GH¢27.74 per share, lower than Tullow Oil’s share price, which is around GH¢31.00 per share.
The CEO attributed the oversubscription of the offer on the NYSE to the confidence that investors had in them.
According to him Kosmos Energy had so far invested about US$1 billion in the Jubilee field and additional funds to be raised will be spent on projects in the country.
BusinessWeek learnt that Kosmos is almost ready to finalize all the necessary document with the GSE as well as appointing it strategic advisors.
"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.
Jubilee operator, Tullow Oil, on June 13 opened an offer for 4,000,000 shares to be listed on the GSE, which industry players and brokers expect will be oversubscribed.
By Fred SARPONG
Kosmos Energy, one of the Jubilee partners, has announced that it will list on the Ghana Stock Exchange (GSE) before the end of this year to raise between US$50 and US$60 million to fund its oil development operations in the country.
At a media briefing in Accra last week, the company’s Chief Executive Officer (CEO), Brian Maxted, said the decision to list was a demonstration of the company's commitment to stay in Ghana and also help to develop the country.
"Kosmos is here to stay for the long time and as part of our long-term commitments to our operations in Ghana, we will be listing on the GSE before the end of this year to give Ghanaians the opportunity to be part owners of our company," Maxted said.
Kosmos Energy has raised nearly US$600 million in a successful Initial Public Offer on the New York Stock Exchange (NYSE).
The shares finished their first day of trading at US$18.24, or 1.3 percent above the IPO price, on the Exchange. This valued Kosmos at nearly US$7 billion despite its lack of profits but was in line with analysts' expectations based on its oil reserves.
Kosmos was backed by private equity firms Warburg Pincus WP.UL and Blackstone Group (BX.N) to raise US$594 million in its IPO, selling more shares than expected at the top of a proposed price range.
With this initiative, Kosmos has caught the attention of potential buyers eager to obtain its assets in Ghana, where Kosmos made one of the world's largest recent oil discoveries in 2007.
In Ghana, investors will have to prepare to buy Kosmos share at a GH¢27.74 per share, lower than Tullow Oil’s share price, which is around GH¢31.00 per share.
The CEO attributed the oversubscription of the offer on the NYSE to the confidence that investors had in them.
According to him Kosmos Energy had so far invested about US$1 billion in the Jubilee field and additional funds to be raised will be spent on projects in the country.
BusinessWeek learnt that Kosmos is almost ready to finalize all the necessary document with the GSE as well as appointing it strategic advisors.
"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.
Jubilee operator, Tullow Oil, on June 13 opened an offer for 4,000,000 shares to be listed on the GSE, which industry players and brokers expect will be oversubscribed.
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