Kosmos Energy Ltd., an oil exploration and production company focused on deepwater prospects near West Africa, said Wednesday that an exploration well it holds an interest in hit an oil and natural gas deposit.
Bermuda-based Kosmos said fluid tests show that the oil coming from the well off the coast of Ghana is of good quality.
Kosmos holds an 18 percent interest in the block off the coast of Ghana where the well was drilled. Its partners include Tullow Oil PLC, Anadarko Petroleum Corp., Sabre Oil & Gas Holdings Ltd. and the Ghana National Petroleum Corp.
Kosmos shares rose 44 cents, or 4.3 percent, to $10.61 in midday trading, bouncing back after sinking to a 52-week low of $9.92 a day earlier.