Kosmos Energy walks away from Tullow Oil acquisition

Tullow Oil share value falls by 10%

Tullow said its board remained confident in its standalone business and was 'well positioned to optimise its capital structure'.

US oil and gas firm Kosmos Energy walked away from its pursuit of West Africa-focused Irish energy firm Tullow Oil, without specifying any reason for the decision, prompting a 10% drop in Tullow's shares.

Kosmos' announcement comes less than a week after the companies said they were in early talks for a potential deal that would have created a West Africa-focused producer.