Why These Energy Stocks Are Gaining This Week

6. Kosmos Energy Ltd. (NYSE:KOS)

Share Price Gains Between June 5 – June 12: 18.75%

Kosmos Energy Ltd. (NYSE:KOS) is a leading deepwater exploration and production company with assets in proven basins offshore Ghana, Equatorial Guinea, and the Gulf of America, as well as a world-class gas development offshore Mauritania and Senegal.

Kosmos Energy Ltd. (NYSE:KOS) received a boost last week after it was revealed that the company has signed an initial agreement with its partners, including Tullow Oil and authorities in Ghana, to extend the licenses covering the West African country’s Jubilee and Tweneboa-Enyenra-Ntomme (TEN) fields.

The MoU outlines a comprehensive plan that includes the approval to drill up to 20 additional wells at Jubilee with an approximate $2 billion worth of local investment. The deal also includes commitments to increase gas supply to around 130 million standard cubic feet per day, a reduced price for associated gas at Jubilee, and a reimbursement mechanism covering gas sales.