Kosmos Energy gains after walking away from Tullow acquisition

Kosmos Energy

17/12/2024 11:04

** Shares of oil and gas producer Kosmos Energy  KOS.N  rise
~10% to $3.00 premarket 
    ** Company walks away from its plan to buy West
Africa-focused Tullow Oil  TLW.L 
    ** Kosmos does not intend to make a firm offer for Tullow at
this time, it says without specifying any reason
    ** The announcement comes less than a week after KOS
revealed it was in early talks for an all-share acquisition of
Tullow
    ** Shares in London-listed Tullow dropped as much as 7.7% to
21.5p as of 1000 GMT, when the announcement was made
    ** TLW down ~42% so far this year
    ** As of last close, KOS stock down ~60% YTD

 (Reporting by Vallari Srivastava and Prerna Bedi in Bengaluru)
 ((Srivastava.Vallari@thomsonreuters.com))