Kosmos ups Deepwater Tano stake

Bumped up: Kosmos raises stake in Deepwater Tano block

ANADARKO

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Luke Johnson

 27 February 2012 21:55 GMT

Dallas-based player Kosmos Energy has bought Sabre Oil & Gas’ stake in the Deepwater Tano block off Ghana for about $365 million.

Kosmos will have to pay Sabre an additional $45 million if certain performance milestones are reached.

The company said in a statement that it had exercised its right under the existing joint operating agreement of the block.

The deal, expected to close in the second quarter with an effective date of 1 January, gives Kosmos a 22.05% stake in the Tullow-operated block, making the US company the second largest interest holder.

Kosmos’ interest in the Jubilee field will increase from 24.1% to 25.8%. The field straddles the Deepwater Tano and West Cape Three Points…

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