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07.05.2019 Business & Finance

Kosmos Energy To Sell Off Interest In Mauritania-Senegal Basin

Kosmos Energy To Sell Off Interest In Mauritania-Senegal Basin
07.05.2019 LISTEN

Kosmos Energy says it has started a formal process to sell down its interest in the Mauritania-Senegal basin to around 10 percent and expects bids by the end of the summer.

The company said in February it had discovered a “significant and valuable resource” in Mauritania and Senegal.

The company said oil and gas revenue more than doubled for the three months ended March 31, to $296.8 million on higher production in Ghana.

On an adjusted basis, the company lost 6 cents per share, smaller than analysts’ estimates of a loss of 7 cents per share, according to IBES data from Refinitiv.

Quarterly production rose to 5.1 million barrels of oil equivalent, compared to 3.8 million barrels of oil equivalent a year earlier.

—Reuters

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