Kosmos Energy has announced it will not pursue its proposed acquisition of Tullow Oil, ending speculation about a possible merger that emerged earlier this month.
The planned all-share merger, first confirmed on December 12, 2024, was in its early stages, with due diligence yet to begin. The deal would have significantly reshaped Africa’s oil production landscape if successful.
In a statement dated December 17, 2024, Tullow Oil’s Board expressed confidence in the company’s standalone prospects.
“The Board of Tullow notes the announcement from Kosmos Energy Ltd confirming that it does not intend to make an offer for the Company following an announcement on 12 December 2024 regarding a possible all-share offer by Kosmos for the Company”, the release mentioned.
The Board highlighted ongoing efforts to optimize Tullow’s capital structure, address outstanding debt maturities, and progress on the Branch Profits Remittance tax arbitration, with a final decision expected soon.
Tullow reiterated its commitment to strengthening its financial position, executing its strategic objectives, and delivering value to shareholders.
Despite the end of the merger discussions, the company emphasised its focus on operating independently within the energy sector.
