2nd Jan 2025 10:42
Kosmos Energy Ltd - Africa focused gas and oil exploration company - Notes statement by operator BP PLC on Thursday that first gas production has been achieved at Greater Tortue Ahmeyim liquefied natural gas project offshore Mauritania and Senegal. Says first gas is a key milestone for the partnership and governments of Mauritania and Senegal. Anticipates that first LNG production will follow shortly, with first LNG cargo expected in the first quarter of this year. Adds that once fully commissioned, GTA phase one is expected to produce around 2.3 million tonnes of LNG per year.
Kosmos Energy Chair & Chief Executive Andrew Inglis says: "Achieving first gas sets the stage for us to ramp up production and reach the [approximately] 90,000 barrels of oil equivalent per day production target we set two years ago. With our key growth projects largely delivered and capex falling, Kosmos is well positioned going into 2025. The company remains focused on disciplined capital allocation and the generation of free cash flow that enables us to pay down debt, reduce leverage to less than 1.5x, and enhance the financial resilience of the company."
Current stock price: 286.00 pence, flat on Thursday morning in London.
12-month change: down 48%
By Christopher Ward, Alliance News reporter
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