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Kosmos won’t list on GSE anytime soon

Kosmos Energy CEO, Brian Maxted has announced the company is not likely to list on the Ghana Stock Exchange (GSE) any time soon.

After a failed attempt last year, investors were optimistic the listing would happen this year.

But speaking to the media at the official opening of its new office complex in Accra, Mr. Maxted revealed the listing will not happen in 2013 and there no clear indications for subsequent years.

The Kosmos boss said his outfit is still analyzing the strategic position of the firm before making any move.

“We are prepared to do it at the right and then we will have to wait and see when the conditions are possibly right for us to do that.”

Questioned on the possibility of enlisting this year and possible hindrances, Brian Maxted answered to the contrary saying, “we have no plans at the present times. There is no hindrance of the progress of the process at all. It is just about figuring out where the company is at, where Ghana is at, and when the commercial and economic conditions are right to do such a thing.”

“We will continue to review the situation. I don’t want to make any commitments. I don’t want to promise anything. It will happen when it happens,” he added.

Kosmos was hoping to raise some $50 million from the public offer.

Meanwhile, investments from Kosmos Energy into Ghana are expected to reduce this year.

It has announced it intends to invest $400 million this year in Ghana, about a 26% drop from the previous year.

Last year, total investment from Kosmos into the country was about $540 million representing 90% of their organic capital programme.

Brian Maxted speaking to Citi Business News said their investment will focus on further development phases of the TEN project and other oil discoveries they have made.

“We are investing over $400 million this year, net. We have got substantial monies to invest over the coming years-hundreds of millions of dollars annually. That is why we built this significant office to work with government, work with our partners to make sure that our investment is spent wisely and our investments are best positioned and we are putting a lot of effort into support our joint partners into support the government.”

Mr. Maxted indicated the various projects of investment saying, “we are investing into further phases of development of jubilee. We are investing in the TEN project, there is a number of discoveries that we have made and we will eventually be developing and all of this will cost money in significant amount. There are a number of the discoveries that we will still operate and we are looking at how best to develop this, but we are in partnership.”

Source: Citifmonline

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Reporting Oil and Gas project was launched on 4th June 2009atTakoradi, Western Region, Ghana by Penplusbytes (PPB – www.penplusbytes.org) with the vision of providing a one stop online information and knowledge about Ghana’s oil and gas sector
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