Investing.com – Stocks Kosmos Energia Limited Liability Company . (NYSE:) rose 9% on Thursday after the corporate, in partnership with BP (NYSE:) Plc, announced the beginning of first gas production on the Greater Tortue Ahmeyim (GTA) project.
The news is positive news for the energy company, which has faced setbacks on account of delays within the project schedule.
Progress towards first liquefied natural gas (LNG) production is a key step for Kosmos, as the primary LNG cargo is anticipated to be shipped in the primary quarter of 2025. Kosmos indicated in a press release that this milestone coincides with the projected timeline for revenue recognition from the project GTA, signaling positive financial prospects for the corporate.
The market response reflects optimism after a period of poor performance by Kosmos, which ends up from repeated delays in obtaining the primary gas.
Jefferies analyst Mark Wilson highlighted the importance of this development in a Jan. 2 note, saying that achieving first gas production on the GTA project is “an important positive for KOS, given that the company’s stock has been the worst performer across our international exploration and production footprint.” 2024 mainly on account of continuous delays within the delivery of first gas.”
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