Kosmos Energy Cites 'Time Of Opportunity' In Acquiring Majority Rights To An Oil Block In São Tomé

According to a report by Reuters, Kosmos Energy Ltd KOS acquired majority rights to an oil block in São Tomé and Príncipe's economic zone.

Reuters noted that Kosmos Energy acquired a 65 percent stake in Block 12, which increases its exposure to four of the country's 19 offshore blocks.

São Tomé and Príncipe is located in the resource-rich Gulf of Guinea, although the region has yet to discover commercially viable oil.

Related Link: Why Are Oil Prices Tanking 2 Weeks Before Potential Global Production Freeze Agreement?

"We are building our exploration portfolio during a time of opportunity in which there is less competition as a result of lower commodity prices," Kosmos Energy's Thomas Golembeski, vice president for corporate communications, told Reuters.

Shares of Kosmos Energy showed no trades early Monday morning and lost more than 3 percent on Friday to close at $5.61.

Image Credit: Public Domain

Market News and Data brought to you by Benzinga APIs
Comments
Loading...
Posted In: NewsCommoditiesGlobalEconomicsMarketskosmos energyReutersSao Tome And PrincipeThomas Golembeski
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!