Kosmos hit by rig contract as dry hole is announced in Suriname

Kosmos could be liable for a share of the onerous contract in Ghana entered into by Tullow Oil, operator of the Jubilee and TEN fields. This could equate to over USD100 million for Kosmos which would wipe out Q2 2018 revenues and earnings since the beginning of the year. Tullow, on behalf of the field partners entered into a long-term rig contract for the West Leo rig in 2012 for work in the Jubilee and TEN area. In 2016, Tullow declared force...

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Petronas makes offshore discovery in Gabon

PETRONAS has made the Boudji-1 discovery in deepwater Gabon. The discovery is located in Block F14 or Likuale in which PETRONAS holds 50% as an operator, Woodside holds 30% and the government holds 20%. The block lies in deepwater between depths of 2,500-3,200m. Exploration activity in the deepwater has been slow with the country previously focussing in the onshore and coastal areas. Gabon has held ad-hoc licensing rounds for the offshore...

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