Tullow Oil PLC late Thursday said it is in early stage talks over a possible takeover bid from Kosmos Energy Ltd.

The Africa-focused oil & gas exploration and production company said it is in preliminary discussions with Kosmos over an all-share bid. Tullow said there can be ‘no certainty that any offer will be made’.

Kosmos, which has oil and gas assets in the Gulf of Mexico, Ghana and Equatorial Guinea, has until the close of play on January 9 to announce if it plans to make a firm takeover offer.

Tullow shares closed 6.2% higher at 26.14 pence each in London on Thursday, giving it a market capitalisation of £381.9 million. Kosmos, which has listings in New York and London, is worth $1.49 billion.

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