Jubilee partner, Kosmos Energy said February 27, 2012 that it has acquired the participating interest of Sabre Oil & Gas Holdings Limited in the Deepwater Tano Block, offshore Ghana for a purchase price estimated at approximately $365 million.
The deal was exercised under the existing Joint Operating Agreement.
Sabre could receive an additional $45 million contingent upon achieving certain performance milestones, the statement copied to ghanabusinessnews.com says.
Closing of the transaction should occur in the second quarter of 2012, subject to a definitive transaction agreement, customary closing conditions and necessary government approvals, it said.
“Following closing of the acquisition, Kosmos’ interest in the Deepwater Tano Block will increase from 18% to 22.05%. Kosmos’ interest in the Jubilee Field will increase from 24.1% to 25.8%,” the company added.
“This transaction adds existing production at Jubilee, enhances our stake in the next oil development offshore Ghana, and increases our exposure to the significant Deepwater Tano exploration programme in 2012,” said Kosmos’ CEO Brian F. Maxted.
By Ekow Quandzie