Kosmos Energy Ltd on Tuesday said it will not be making a bid for Tullow Oil PLC ‘at this time’ just days after talks between the two were confirmed.

In a brief statement, Kosmos, which has oil and gas assets in the Gulf of Mexico, Ghana and Equatorial Guinea, said ‘it does not intend to make a firm offer for Tullow at this time’.

Shares in Tullow Oil, which also operates in West Africa, fell back 7.0% to 21.67 pence in London on Tuesday. It has a market value of £320.5 million.

Shares in Kosmos were 2.5% higher at 244.00p for a market value of $1.28 billion.

Last Thursday, Tullow Oil had said it was in early stage talks over a possible all-share takeover bid from Kosmos.

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