Brian Maxtead – Kosmos Energy Boss

Kosmos Energy, one of the Jubilee Oilfield partners, has incurred the wrath of its shareholders for misleading them.

A US law firm, Kendall Law Group, has filed a law suit against the company for misleading its shareholders. 
According to the law firm, Kosmos fleece misled shareholders by stating that the Jubilee Oilfield would produce 120,000 barrels of oil per day, which attracted a lot of investors to obtain shares of Kosmos on the New York Stock Exchange. 

However, a recent report from the Jubilee Oil partners, following a press conference in London, reduced the daily output for 2012 from the targeted 120,000 barrels of oil per day to 90,000.

The reduction in the oil volumes, they explained, was as a result of a number of technical challenges on some of the oil wells at Jubilee. 

Kendall Law Group has argued that Kosmos Energy failed to disclose the defects in the oil wells, despite being aware of this prior to the Initial Public Offer (IPO) on the New York Stock Exchange. 
Meanwhile, another US law firm, Gilman Law LLP, is said to have filed related lawsuit against Kosmos Energy on the matter on behalf of some shareholders. 

Citifmonline

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.