US player Kosmos Energy has dropped its bid to acquire Africa-focused UK independent Tullow Oil, the two companies announced on Tuesday.
Last week, Kosmos unveiled a possible all-share offer to acquire Tullow. It had a deadline of January 9, 2025, to make the offer.
The news sent Tullow stocks down 4% while Kosmos stocks enjoyed a bump of around 10%. The US company did not provide a reason for abandoning the potential deal.
Tullow is an E&P player with interests in Côte d’Ivoire, Gabon, Ghana, Kenya and Mauritania.
It is also conducting exploration in Argentina, saying it aims to replicate the exploration success it has enjoyed in Africa in South America.
In the UK, the company is in the process of decommissioning its non-operated North Sea assets.
Kosmos is an independent oil and gas E&P company focused on the deepwater offshore Atlantic Margins. Its key assets include production offshore Ghana, Equatorial Guinea and the US Gulf of Mexico, as well as the Greater Tortue Ahmeyim Project, a world-class gas development offshore Mauritania and Senegal.
Source: theenergyyear.com