Tullow Oil plc today said that preliminary talks have ended over a possible all-share acquisition of the company by Kosmos Energy plc.
CONFIDENT
The company added that initial discussions had been at a “very early stage and before due diligence had progressed between the parties”.
Kosmos’s own statement read that it “did not intend to make a firm offer for Tullow at this time”.
Tullow said it remained confident in its standalone business and continued to address its debt which is targeted to be $1.4 billion by the end of year.
Chief executive officer Rahul Dhir is due to leave during 2025 to pursue “other business, academic and family interests”.
The company’s previous attempt in late 2022 to merge with Capricorn Energy plc was also cancelled.