A US law firm has filed a law suit against one of the Jubilee Oil partners, Kosmos Energy, for misleading its shareholders.
The law firm, Kendall Law Group, has said Kosmos misled shareholders by stating that the Jubilee Oil field would produce 120,000 barrels of oil per day.
A recent report from the Jubilee Oil partners, however, reduced the daily output for 2012 from the targeted 120,000 barrels of oil per day to 90,000. This is as a result of a number of technical challenges especially on some of the wells on the field.
According to Kendall Law Group, Kosmos Energy failed to disclose the defects in the oil wells, despite being aware of this prior to the IPO on the New York Stock Exchange.
Meanwhile, another US law firm, Gilman Law LLP, has also filed a similar lawsuit against Kosmos Energy on the matter on behalf of some shareholders.
Source: citifmonline. com
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