Jubilee partner, Kosmos Energy could be spending as much as 400 million dollars in Ghana this year.<\/p>\n
The funds are expected to be spent on drilling, development and appraisals of its Deep Water Tano and West Cape Three Point\u2019s blocks.<\/p>\n
The company disclosed this in its Initial Public Offering prospectus filed with US Securities and Exchange Commission.<\/p>\n
Kosmos also stated in the prospectus that it plans to list on the Ghana Stock Exchange.<\/p>\n
The budget for Ghana will be Kosmos\u2019 biggest capital expenditure this year in Africa. The company\u2019s total planned expenditure on its Africa operations is about 500 million dollars.<\/p>\n
Of the amount, 15 million dollars will be paid to the Ghana National Petroleum Corporation in settlement of past disputes.<\/p>\n
Joy Business sources at the GNPC said the payment is in connection with a data breach that resulted in the confrontation with the government of Ghana over the sale of Kosmos\u2019 shares to ExxonMobil.<\/p>\n
Kosmos is planning to raise about 477 million dollars from the sale of 30 million shares after taxes and other expenses.<\/p>\n
As part of the plan, the company also intends to apply to list its common shares on the Ghana Stock Exchange shortly after closing its US offering.<\/p>\n
Officials at the local bourse have confirmed some preliminary approach has been made but said nothing has been formalized.<\/p>\n
Source: Joy Business\/Ghana<\/p>\n<\/div>\n
See more here:
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