Business in Ghana

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Kosmos submits Declaration of Commerciality to Ghana, Tullow to issue 4 million shares on GSE

Posted by Business in Ghana on November 14, 2010

By Emmanuel Dogbevi, Ghana Business news

Kosmos Energy, one of the stakeholders in Ghana’s Jubilee oil field where Ghana’s first commercial production of oil is expected in December has submitted a ‘Declaration of Commerciality’ to the Ghana government. The Declaration, it says is for the southeast Jubilee area. And Tullow Oil plans to issue four million shares on the Ghana Stock Exchange (GSE).

According to an Interim Management Statement issued by Tullow Oil and copied to ghanabusinessnews.com, Kosmos intends to submit a Plan of Development in February 2011. It also indicated that “Standalone and Jubilee tie-back options are currently under consideration.”

Meanwhile, Tullow Oil says it is planning a secondary listing, and issuance of up to four million new shares on the GSE. According to Tullow, this is intended “to create a more accessible opportunity for Ghanaian individuals and institutions to invest in the future of their oil industry through Tullow,” it said.

Kosmos Energy is also the operator of the West Cape Three Points block, and it plans an exploration drilling campaign, scheduled to commence in the West Cape Three Points licence in December commencing with the Teak prospect, it said.

Commercial discovery of oil in Ghana was announced in June 2007. And Tullow says it has made excellent progress on the Jubilee development in the second half of 2010 including the commissioning, testing and final installation work on the FPSO and subsea systems and the completion of four development wells.

First Oil from Jubilee Phase 1, a major milestone in the development of Ghana’s oil resources, is expected in early December, according to Tullow.

Initial production capacity of around 50,000 bopd is expected to be delivered before year-end and production is expected to ramp up to 120,000 bopd over the next three to six months, it said.

 

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