Investing.com — stocks Cosmos Energía Ltda . (NYSE soared 9% on Thursday after the company, in partnership with BP (NYSE Plc, announced the achievement of first gas production at the Greater Tortue Ahmeyim (GTA) project.
The news is a welcome development for the energy company, which had faced setbacks due to delays in the project schedule.
Progress towards first liquefied gas (LNG) production is a critical step for Kosmos, with expectations set for the first LNG cargo to be shipped in the first quarter of 2025. Kosmos said in a press release that this milestone aligns with its projected timeline for revenue recognition from the GTA project, indicating a positive outlook for the company's finances.
The market response reflects optimism after a period of poor results for Kosmos, which was attributed to repeated postponements in getting first gas.
Jefferies analyst Mark Wilson, in a note dated January 2, highlighted the importance of this development, stating that achieving first gas production at the GTA project is “a major positive for KOS given that the stock had the worse performance across our entire international E&P coverage in 2024 largely due to continued delays to this first gas schedule.'”
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