Kosmos energy denies its Ghana assets are for sale

Kosmos Energy has denied that it is putting up its assets in Ghana for sale.

News in the international media out Monday February 9, 2009 quoting a source said Kosmos Energy is seeking buyers for its stake in Ghana oil fields. The reports said the decision was influenced by tight credit markets and the fact that low oil prices are hurting smaller firms. In effect the oil company needed money for its activities.

According to the reports Kosmos Energy has appointed advisers to handle the sale of its two blocks that span the Jubilee oil field in Ghana, which the reports estimated could fetch $3 billion. The recently discovered Jubilee oil field has been described as the largest to be discovered in West Africa in the last 10 to 15 years.

The reports also quoted the source saying that Chevron Corp. (CVX), ExxonMobil Corp. (XOM), Italy’s Eni SpA (E), India’s Oil & Natural Gas Corp. (500312.BY), and Cnooc Ltd. (CEO) have expressed interest in the Ghana assets

But a Kosmos Energy official has denied the story in an interview broadcast on Joy Business News, and monitored by ghanabusinessnews.com Friday February 13, 2009.

Mr Andy Mormon, Asset Manager of the Texas based oil and gas exploration company categorically denied the story, claiming it contains no truth whatsoever.

He said, “we are not for sale, categorically we have not hired an agent, we have not opened the data room, we are four to six weeks away from the financing that we need and it’s moving on nicely, and we are not for sale.”

He denied that the company was facing difficulties raising money for its operations, insisting that the company is on course with negotiations to raise the needed financing for its operations in Ghana.