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Kosmos Goes Public
Date: Thursday, May 12, 2011
Kosmos Energy has priced its IPO of 33 million shares at $18.00 per share. The company’s common shares will began trading on the NYSE on May 11 under the ticker symbol KOS. Kosmos holds stakes in acreage in Cameroon, Ghana, and Morocco.
The underwriters of the IPO have the option to purchase from Kosmos Energy up to an additional
4.95 million common shares, on the same terms and conditions, to cover over-allotments, if any. Citi, Barclays Capital and Credit Suisse are acting as joint bookrunning managers of the offering.
The company is just now seeing income from its efforts in Africa with the start of production from the Jubilee Field offshore Ghana. Its asset portfolio in Ghana consists of seven discoveries including the Jubilee Field, which was one of the largest oil discoveries worldwide in 2007 and the largest find offshore West Africa in the last decade. Other discoveries include Mahogany East, Odum, Tweneboa, Enyenra, Teak and Tweneboa Deep offshore Ghana, which have geologic characteristics similar to the Jubilee Field.
In addition to the discoveries made, Kosmos has identified 18 additional prospects offshore Ghana, 10 prospects in Cameroon, and 19 prospects offshore Morocco. The company believes these leads could result in new discoveries.
