Trouble with far, page-35

B4b Warburg Pincus was a foundation stake holder and helped form Kosmos, they gambled as one does with wildcat drilling , like FAR got lucky and then basically have protected their own stake by supporting it through to production using debt.

Only When SNE proves commerciality and if FAR choose to go to production involving debt will we be looking at the likes of Warburg Pincus for funding and its nice to see they are establishing an oil fund....

Kosmos is a different Company, found oil in a different time with different setup, is listed on a different exchange in a different country it simply can't be compared to FAR except we have both discovered a large oil field.


"In 2003 Blackstone and another buyout firm, Warburg Pincus, plunked down $300 million initially to form a new company to drill for oil in the waters off Ghana. The venture they created, Kosmos Energy, wasn’t your typical, debt-driven leveraged buyout. Instead it more resembled a venture capital start-up, with successive rounds of investment as Kosmos needed more capital. (Kosmos did, however, borrow $1 for each $1 of equity its backers had sunk in it.)They chose a fabulous place to drill. In 2007, Kosmos and other energy companies made one of the biggest oil discoveries of the past decade: the Jubilee field. Kosmos owns 23% of Jubilee, which holds an estimated 1.8 billion barrels of oil. The stake is Kosmos’s only major asset."

Cheers Whisky