Kosmos Energy Cites 'Time Of Opportunity' In Acquiring Majority Rights To An Oil Block In São Tomé

According to a report by Reuters, Kosmos Energy Ltd KOS acquired majority rights to an oil block in São Tomé and Príncipe's economic zone.

Reuters noted that Kosmos Energy acquired a 65 percent stake in Block 12, which increases its exposure to four of the country's 19 offshore blocks.

São Tomé and Príncipe is located in the resource-rich Gulf of Guinea, although the region has yet to discover commercially viable oil.

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"We are building our exploration portfolio during a time of opportunity in which there is less competition as a result of lower commodity prices," Kosmos Energy's Thomas Golembeski, vice president for corporate communications, told Reuters.

Shares of Kosmos Energy showed no trades early Monday morning and lost more than 3 percent on Friday to close at $5.61.

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