Kosmos Energy plans to sell down interest in Mauritania-Senegal basin

Kosmos Energy plans to sell down interest in Mauritania-Senegal basin
Source: Reuters
Date: 07-05-2019 Time: 08:05:15:am

Kosmos Energy Ltd says it has started a formal process to sell down its interest in the Mauritania-Senegal basin to around 10 percent and expects bids by the end of the summer.

The company said in February it had discovered a “significant and valuable resource” in Mauritania and Senegal.

The company said oil and gas revenue more than doubled for the three months ended March 31, to $296.8 million on higher production in Ghana.

On an adjusted basis, the company lost 6 cents per share, smaller than analysts’ estimates of a loss of 7 cents per share, according to IBES data from Refinitiv.

Quarterly production rose to 5.1 million barrels of oil equivalent, compared to 3.8 million barrels of oil equivalent a year earlier.