Kosmos Energy Ltd (NYSE:KOS) is to join its major partners BP PLC and Tullow Oil plc with a listing on the London Stock Exchange.
Andrew Inglis, Kosmos chief executive, in a statement described the proposed secondary listing as “the next step in the company’s evolution”.
“Our NYSE listing has enabled Kosmos to attract blue chip investors and given us access to significant opportunities,” Inglis said.
“We selected the LSE for our secondary listing because of its strong liquidity, reputation for transparency, and participants' knowledge of the role of frontier exploration and development in our industry."
Providence Resources first exploration results
Offshore Ireland, an exploration frontier that Kosmos previously exited, Providence Resources PLC (LON:PVR) shares dropped as much as 40% early deals on Friday after it told investors that its drilling operation offshore Ireland encountered the Druid target on-prognosis, but, the reservoir was found to be water bearing.
The first of the well’s two targets has disappointed. Druid accounted for slightly more than 3bn barrels of the well’s 5bn barrel resource potential.
Drilling will now continue down to the Drombeg target, which is anticipated some 1,000 metres beneath Druid.
Providence is partnered with Cairn Energy and Total in the project.
Drombeg has been estimated to have the potential for 1.9bn barrels of oil. The exploration well is located around 220 kilometres off Ireland’s west coast, in a water depth of 2,233 metres.
BP interim results
BP Plc (LON:BP) shares advanced almost 4% on Tuesday as the City responded to what the oil supermajor described as ‘solid’ results for the first half of the year.
It reported a first-half profit of around US$1.6bn, compared to a US$2bn loss in the same period of 2016, thanks in part to improved production volumes (output was up 10% in the upstream business).
“We delivered strong operational performance in the first half of 2017 and have considerable strategic momentum coming into the rest of the year and 2018, with rising production from our new upstream projects and marketing growth in the downstream," said Bob Dudley, BP chief executive.
It wasn’t all good news, however, as the Gulf of Mexico continues to impact with a US$2bn dent in cash flow from pay-outs. Cash flow amounted to US$4.9bn (excluding oil spill pay outs it would’ve amounted to US$6.9bn).
Sound Energy Morocco licence
Sound Energy PLC (LON:SOU) told investors that it has had the award of a new Morocco project rubber stamped by the authorities. In a stock market statement the gas explorer said that it has received formal final approval for the Matarka licence.
It comes after the group agreed a deal to acquire exploration acreage in the vicinity of the Tendrara field, in eastern Morocco, from Oil & Gas Investment Fund (OGIF) and as those assets are being restructured into new licence areas.
The company also noted that it now expects to receive remaining approvals for the Anoual and Tendrara areas in the third quarter.
Hurricane sidelines US$5mln add-on funding
Hurricane Energy Plc (LON:HUR) has decided to sideline plans to raise a further US$$5mln of capital via an offer to shareholders, because the market price for Hurricane’s shares is below the placing price, the company has decided that the proposal doesn’t make sense.