Kosmos Energy to raise $50 million on GSE

Accra, June 15, GNA - Kosmos Energy has said it will list on the Ghana Stock Exchange before the end of this year to raise about $50 million to enable it to fund development of its oil operations in the country.

Briefing journalists in Accra on Tuesday, Kosmos Chief Executive, Mr Brian Maxted, said the decision to list was a demonstration of the company's commitment to stay in Ghana as a development partner in the Jubilee field. "Kosmos is here to stay for the long haul 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 to give Ghanaians the opportunit= y to buy a stake in the future," Mr Maxted said.

Kosmos Energy has raised nearly $600 million in a successful Initial Public Offer on the New York Stock Exchange.

Mr Maxted attributed the oversubscription of the offer to the confidence that investors had in the Jubilee operations. He said Kosmos Energy had so far invested about $1 billion in the development of the Jubilee field and that additional funds raised would be spent on 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. Jubilee operator Tullow Oil on June 13 opened an offer for four millio= n shares to be listed on the Ghana Stock Exchange, which officials and broker= s expect would be oversubscribed.

On Kosmos' relationship with government, Mr Maxted said, was a healt= hy one and that the company was working with officials to strengthen and build a healthy bond, adding that past differences had been dealt with. "We had our issues with the government in the past, but we were able t= o sit down, worked together as partners and resolved them in our best interests and we've moved on," he added. Mr Mike Murphy, Country Manager, Kosmos Ghana, said the details of the listing were being worked out.