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Practice English Speaking&Listening with: Big Men

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[CARS HONKING]

[INSECT BUZZING]

[CAR PASSING BY]

[WOMAN] WHERE ARE WE RIGHT NOW? WHERE ARE WE STANDING?

I'VE HEARD STORIES MANY TIMES

THAT WHEN OIL IS FOUND IN A PLACE,

EVERYONE STARTS THINKING ABOUT WHAT HE CAN GET FOR HIMSELF.

[INSECT BUZZING]

[MOTORCYCLE BUZZING]

♪♪

[NEWS ANCHOR] THE MAJOR STOCK INDEXES ALL HIT MULTI-YEAR HIGHS YESTERDAY,

BUT IT WAS THE DOW THAT GENERATED THE HEADLINES.

[NEWS ANCHOR 2] THE MARKET HAS BEEN ON SOMETHING OF A TEAR.

[NEWS ANCHOR 3] OIL PRICES STARTED EDGING TOWARDS A RECORD LAST WEEK.

[NEWS ANCHOR 2] THE PRICE OF OIL HIT ANOTHER HIGH OVERNIGHT--

$92 PER BARREL.

WE'VE NEVER BEEN WHERE WE ARE TODAY.

[HELICOPTER BUZZING]

THIS IS 'COPTER FOUR.

DO YOU READ ME?

WE READ YOU, 'COPTER 4.

I SHOULD BE TOUCHING DOWN IN JUST A FEW MINUTES.

[NEWS ANCHOR] THE PRICE OF CRUDE OIL CLIMBED $10 A BARREL IN THE LAST MONTH,

$20 A BARREL HIGHER THAN A YEAR AGO.

SOME ANALYSTS SAY IT'S SUPPLY CONCERNS.

WE'VE HAD REPORTS IN THE PAST FEW DAYS

OF PIPELINES BEING BLOWN UP IN THE NIGER DELTA.

[ELEVATOR BELL DINGS]

WHOA!

[MAN] INVESTORS ARE LOOKING FOR A PLACE TO MAKE MONEY,

AND THE THING THAT SEEMS TO BE GOING UP

IS THE PRICE OF CRUDE OIL.

[JEFFREY HARRIS] RISK IS AN IMPORTANT PIECE OF THIS.

JUST THE NOTION OF KOSMOS LOOKING FOR OIL

IN A COUNTRY THAT HAD NEVER HAD IT BEFORE WAS EXTREMELY RISKY.

THERE WAS A HIGH PROBABILITY THAT YOU WOULD INVEST

SOME AMOUNT OF MONEY, AND YOU'D GET NOTHING BACK.

BUT IF THEY WERE SUCCESSFUL

AT ACHIEVING WHAT THEIR GOAL WAS,

THAT THE PRIZE WOULD BE VERY, VERY LARGE.

AND HENCE, THE REASON TO DO IT.

[BRIAN MAXTED] IN THE PLAN, WE ARE FIRST OIL IN THE SECOND HALF OF 2010.

IT TAKES A COUPLE OF YEARS TO DESIGN THE PLAN,

BUILD THE EQUIPMENT, INSTALL IT.

WE'RE LOOKING AT A $11 BILLION DEVELOPMENT

ON A BILLION BARRELS, UH, NET TO US $2.2 BILLION.

NET TO THE COMPANY.

THIS IS A SUBSTANTIAL OIL PROJECT.

[JEFFREY HARRIS] IT'S IMPORTANT WE GENERATE ENOUGH REWARD

TO JUSTIFY OUR RISK.

BUT WHEN THERE'S A LOT OF MONEY AT STAKE,

THEN PEOPLE'S FOCUS GETS MORE INTENSE,

AND MORE PEOPLE FROM THE OUTSIDE AND ON THE PERIPHERY

WILL LOOK TO GET A PIECE OF IT.

THERE'S HUNDREDS OF EXAMPLES OF THAT

AROUND THE WORLD OUTSIDE OF THE OIL BUSINESS.

I DON'T THINK THAT'S ENDEMIC TO THE OIL BUSINESS.

BUT IN THE OIL BUSINESS, IT IS QUITE LARGE.

IN OUR DISCUSSION TODAY, WE'RE TALKING

HUNDREDS OF MILLIONS AND BILLIONS OF DOLLARS.

THAT DOESN'T HAPPEN VERY OFTEN.

HEY, HOW ARE YA?

OH, VERY GOOD.

GOOD TO SEE YA-- HEY, GEORGE!

HELLO.

I JUST GOT BACK THE, UH, NEWS WE--

WE RECOVERED OIL OUT OF OUR SAMPLE TOO.

-YES! -BIG, UH, GOOD OIL, SO...

IT IS, UH, IN A SENSE, ABOUT 54 METERS.

-ABOUT WHAT? -ABOUT 54... YEAH, ABOUT 54 METERS.

PREVIOUSLY, IT WAS 15, AND THEY FOUND 28 MORE.

YEAH, THAT'S GOOD.

[BOTH CHUCKLE]

-IT'S ALL GOOD, SO... -YEAH, YEAH, YEAH, YEAH.

[JEFFREY HARRIS] KOSMOS WAS AN IDEA THAT JIM MUSSELMAN HAD BACK IN 2002.

JIM CAME TO VISIT ME.

HE WAS JUST THINKING ABOUT STARTING

HIS NEW BUSINESS AT THE TIME.

JIM IS BIGGER THAN LIFE.

FIRST OF ALL, PHYSICALLY QUITE LARGE, AS YOU KNOW,

AND, UM, I DON'T MEAN THAT IN A NEGATIVE SENSE.

HE'S JUST A TALL GUY.

AND HE'S VERY CHARISMATIC.

UM, AND JIM HAS THIS UNIQUE

ENTREPRENEURIAL ASPECT TO HIM.

HE'S A GREAT OPTIMIST,

AND HE HAS A LOT OF SELF-CONFIDENCE.

AND THAT'S WHAT CAME THROUGH.

YOU THINK I COULD BUY ONE OF THOSE UMBRELLAS?

DO YOU THINK IT'D BE ALL RIGHT IF I CARRIED

ONE OF THESE OVER MY HEAD?

-YEAH, OKAY, THIS ONLY. -IT'LL BE A GOOD THING.

THE WORK YOU ARE COMING TO DO IN GHANA MERITS RESPECT.

-THANK YOU. -ALL OF US GIVE YOU THAT FULL RECOGNITION.

WELL, YOU'RE VERY KIND, AND WE--

WE TAKE THE RESPONSIBILITY VERY SERIOUSLY

BECAUSE, UH, WE KNOW HOW IMPORTANT IT IS FOR THE COUNTRY,

AND WE INTEND TO DO A REALLY GOOD JOB.

SO, YOU'RE GONNA BE-- YOU'RE GONNA BE PROUD OF US, I PROMISE.

WE'RE GOING TO BE PROUD OF YOU.

-HERE LET'S GO. -OKAY.

LET'S DON'T MAKE THE KING WAIT.

[BOTH LAUGH]

[BRIAN MAXTED] JIM'S ALWAYS BEEN MY SENIOR PARTNER,

AND I'VE LOOKED UP TO HIM.

HE'S ALWAYS THERE TO SUPPORT ME,

AND I'M THERE TO SUPPORT HIM.

AND THIS IS AN OLD DRILL BIT FROM A WELL

THAT WE DRILLED IN EGYPT MANY, MANY YEARS AGO.

AND I JUST KEPT IT AS A-- A MEMENTO OF, UH, THOSE DAYS,

AND, UH, AS A INSPIRATION FOR THE DREAMS

THAT WE HAVE TO WORK IN AFRICA AND TO FIND MORE OIL.

♪♪ [PERCUSSION MUSIC]

[JIM] YES.

YOUR MAJESTY, MY NAME IS JIM MUSSELMAN.

I'M PRESIDENT OF KOSMOS ENERGY.

WE HOPE THAT WE CAN SERVE YOU WELL,

AND WE HOPE WE LEAD TO A LOT OF PROSPERITY

FOR THIS COUNTRY AS WE GO FORWARD WITH--

WITH OUR OIL AND GAS INVESTMENT IN THIS COUNTRY.

SO, THANK YOU SO MUCH FOR BEING HERE.

THANK YOU SO MUCH.

THANK YOU FOR THE OPPORTUNITY.

IT'S A-- IT'S A WONDERFUL PLACE HERE,

SO THANK YOU SO MUCH.

THANK YOU, THANK YOU.

YEAH, THE NAME OF THE COMPANY IS KOSMOS ENERGY.

WE'RE BASED IN DALLAS, TEXAS.

GNPC IS A VERY GOOD COMPANY THAT RUNS YOUR ENERGY BUSINESS,

AND TOGETHER, WE'RE GONNA DO OUR BEST TO--

TO MAKE, UH, GHANA MUCH MORE PROFITABLE IN THE FUTURE.

-THANK YOU. -YOU'RE WELCOME.

OKAY.

♪♪

ALL RIGHT, SEE YOU, THANK YOU, THANK YOU.

-GEORGE, AND AWAY WE GO. -YEAH.

THAT WAS SPECTACULAR.

HOW OFTEN DO YOU GET TO SEE SOMETHING LIKE THAT?

THAT WAS WONDERFUL.

OH.

WE CAME TO GHANA BECAUSE OF GEORGE OWUSU.

WE GOT OUR CONTRACT FOR THE BLOCK FROM HIM.

[PHONE RINGING]

[SECRETARY] GOOD MORNING, KOSMOS.

WHEN I CAME HERE, I WAS THE ONLY EMPLOYEE.

[WOMAN] DISCOVERY OF OIL HELPS, RIGHT?

[LAUGHTER]

MR. PRESIDENT, BEFORE YOU LEAVE OFFICE,

WOULD YOU WANT TO DO SOME SORT OF A PRESS CONFERENCE, OR--

-UH, IT'S VERY IMPORTANT. -OKAY.

THAT, ESPECIALLY, WE WILL CAPTURE

THE FLARING, OR GUSHING, OR WHATEVER,

-UH, SO THAT GHANA WILL SEE. -YES.

WE'RE TESTING THE WELL TO SEE

WHAT THE RESERVOIR IS GONNA DELIVER.

UNFORTUNATELY WE'RE NOT-- WE'RE HAVING TO BURN THE OIL.

WE DON'T HAVE ANY-- ANY WAY TO COLLECT IT RIGHT NOW.

SO, YOU MEAN, YOU PUMP UP... HOW MANY BARRELS?

WE-- WE OPEN THE-- WE OPEN THE WELL-BORE TO THE ATMOSPHERE,

AND THE WELL FLOWS OUT OF THE FORMATION...

-GUSHES OUT. -AT 40--

AROUND 4,000 BARRELS A DAY RIGHT NOW.

WE'RE DOING IT IN THE NAME OF SCIENCE.

DON'T DO THE ARITHMETIC!

IT'LL HURT YOUR HEART IF YOU THINK ABOUT IT.

YEAH, I UNDERSTAND.

UH, MR. PRESIDENT,

THIS IS A MARVELOUS RESERVOIR, WORLD-CLASS.

WE'VE GOT A TIGER BY THE TAIL, BUT IT'S A--

THAT'S A HIGH-CLASS PROBLEM TO HAVE TO LEARN TO DEAL WITH.

YOU MUST BE A MAGICIAN TO BE HOLDING A TIGER BY THE TAIL.

[LAUGHTER]

[HELICOPTER WHIRRING]

YES, SIR, I'VE GOT THE CEO ONBOARD.

FIVE PASSENGERS TOTAL.

WE SHOULD BE ON THE RIG IN ABOUT FIVE MINUTES.

NO PROBLEM.

WE'RE COMING IN FROM THE SOUTHEAST, WINDS BEHIND US.

CLEAR OF THE FLARE.

HOW ARE YOU? GOOD TO SEE YOU.

THAT'S FINE.

YOU HEARD ABOUT OUR WELL IS FLOWING BACK NICELY?

YES.

THAT'S EXCITING, ISN'T IT?

VERY EXCITING, VERY EXCITING.

♪♪

[JIM] THIS FIELD IS GONNA BE WORTH A LOT--

A LOT OF MONEY ONCE WE'RE ALL SAID AND DONE.

YOU SEE THE PRICE NOW?

[JIM] THE PRICE OF OIL WENT UP $15

BETWEEN TUESDAY AND TONIGHT.

OOH.

[LAUGHTER]

TO A FLOWING WELL IN GHANA.

-TO A FLOWING WELL. -YEAH, YEAH, YEAH, YEAH, YEAH.

-A FLOWING OIL WELL. -A FLOWING WELL,

FOR THE FIRST TIME IN THE HISTORY OF THIS...

FOR THE FIRST TIME IN THE HISTORY OF THE COUNTRY.

YEAH, EXACTLY, FLOWING OIL, SO CHEERS.

IT'S MY FAVORITE PLACE IN THE WORLD, RIGHT HERE.

ISN'T IT PRETTY?

THE LIGHT IS JUST SPECTACULAR.

I DON'T KNOW, I WAS ALWAYS COMFORTABLE STARTING COMPANIES

WHERE IT'S JUST BEEN ME AND A SECRETARY TO HELP ME OUT.

I GUESS I'VE ALWAYS BEEN SOMEWHAT OF A GAMBLER,

AND SO, THE GAMBLING NATURE OF IT SORT OF APPEALED TO ME.

GO.

GO, GO, GO, GO, GO, GO, GO.

MOVE, MOVE. [CATTLE MOOING]

THIS IS MY GRANDFATHER AND GRANDMOTHER'S HEADSTONES,

AND THIS IS MY MOTHER AND FATHER.

[WOMAN] WHAT DID YOUR DAD DO?

HE WAS-- HE WAS A RANCHER.

EVERYBODY HERE RANCHED.

-ARE YOU THE FIRST OIL GUY IN YOUR FAMILY? -UH-HUH.

WHAT DID YOUR DAD THINK OF THAT?

I THINK HE WAS PROUD OF ME.

I GUESS, I DON'T KNOW.

WE DIDN'T-- PEOPLE, UH, WE--

WE'RE NOT GREAT COMMUNICATORS OUT HERE.

YOU DON'T...

YOU DON'T TELL ONE ANOTHER HOW ONE FEELS TOO MUCH.

AND SO, YOU KNOW, YOU DON'T-- I DON'T REALLY KNOW,

BUT I THINK HE WAS PROUD.

THESE PEOPLE WORKED HARD.

YOU'RE WORKING TO MAKE THIS A BETTER PLACE

AND MAKE SURE THAT IT GETS PASSED ON TO YOUR CHILDREN.

I WANT TO GIVE TO MY CHILDREN MORE THAN I RECEIVED.

THAT'S IMPORTANT TO ME, TO ADD TO IT.

[WOMAN] THE AMERICAN MODEL FOR PEOPLE MAKING MONEY

OFF OF A SINGLE OIL WELL IS SO DIFFERENT

FROM THE REST OF THE WORLD.

WELL, YEAH, BECAUSE THE MINERALS IN THE STATE OF TEXAS,

FOR INSTANCE, ARE OWNED BY INDIVIDUALS.

THEY'RE NOT-- NOT OWNED BY THE STATE.

YOU DON'T HAVE A STATE-RUN OIL COMPANY,

AND THE MONEY IS ACTUALLY GOING INTO THE HANDS OF PEOPLE

AS OPPOSED TO INTO THE STATE COFFERS TO BE STOLEN BY WHOEVER,

WHICH IS THE-- WHICH IS THE NIGERIA MODEL.

[WOMAN] DO YOU EVER WORRY ABOUT GHANA BECOMING LIKE NIGERIA?

[JIM] NOT REALLY, BECAUSE THE PEOPLE OF GHANA

CAN SEE GOOD THINGS COMING FOR THEM PERSONALLY IN THE FUTURE.

IT'S HUMAN NATURE TO WANT OPPORTUNITY.

THAT'S-- PURE AND SIMPLE-- WHAT IT'S ALL ABOUT.

♪♪

[CARS HONKING]

[OGBONNA NWUKE] BY THE TIME YOU ARE THROUGH WITH YOUR ASSIGNMENT,

YOU WILL FIND WHAT THE NIGER DELTA IS LIKE.

IT'S NOT AN EASY PLACE TO SURVIVE IN

AND NOT AN EASY PLACE TO DEVELOP.

AND SHOULD THE GOVERNMENT BE DOING MORE TOO, OR...

WHAT ABOUT CORRUPTION?

DO YOU BELIEVE THAT CORRUPTION IS A PROBLEM?

SO, HOW DO YOU FIGHT CORRUPTION?

WELL, THANK YOU SO MUCH FOR YOUR TIME.

[CHUCKLES]

♪♪

[NEWS ANCHOR] ARMED GROUPS ARE SABOTAGING OIL EXPORTS

IN ONE OF THE WORLD'S GREAT OIL-PRODUCING REGIONS.

PEOPLE HAVE BEEN CHEATED BY THE GREEDY CENTRAL GOVERNMENT,

AND THIS IS WHY TENSIONS ARE SO HIGH.

♪♪ [MUSIC PLAYING]

YOU LIKE THE IDEA OF BEING ON TV, HUH?

TELL ME ABOUT-- ARE YOU MARRIED, EMI, OR-- OR NOT?

AND HOW OFTEN DO YOU GET TO SEE HIM?

YOU HEAR THIS TERM "BIG MAN."

WHAT MAKES SOMEBODY A BIG MAN IN NIGERIA?

OIL IS A MEANS OF GETTING BIG MONEY, REALLY.

BUT THE BIG MONEY COMES TO THE FEDERAL GOVERNMENT.

[APPLAUSE]

BIG PEOPLE, AND THE REST OF IT.

IT SEEMS TO ME THAT MANY PEOPLE IN NIGERIA

WANT TO BE A BIG MAN.

WHAT DO YOU THINK?

♪♪ [PERCUSSION MUSIC]

[MEN SINGING]

[MEN SINGING]

[GUNFIRE]

[MEN SINGING]

[MEN SINGING]

[GUNFIRE]

[MEN SINGING]

[NEWS ANCHOR] MORE BAD NEWS FOR THE WORLD'S OIL MARKETS.

THE SECTION OF AN OIL PIPELINE

BELONGING TO CHEVRON OIL COMPANY

HAS BEEN BLOWN UP IN THE WESTERN NIGER DELTA,

SHUTTING DOWN EVEN MORE NIGERIAN OIL PRODUCTION.

THIS ATTACK HIGHLIGHTS THE VULNERABILITY

OF THE OIL INFRASTRUCTURE HERE.

SO, MORE JITTERS FOR THE WORLD'S OIL MARKETS.

HALF OF NIGERIA'S OIL IS OFFLINE RIGHT NOW.

IT'S OVER A MILLION BARRELS A DAY

OF LIGHT, SWEET, CRUDE OIL THAT WE REALLY CAN'T REPLACE.

SO, THAT'S A VERY BIG FACTOR,

ONE OF THE BIGGER FACTORS IN THE MARKET RIGHT NOW.

[NEWS ANCHOR] THE MILITANTS IN THE DELTA HAVE PROVEN

ALL OF NIGERIA'S OIL FACILITIES ARE WITHIN THEIR REACH.

[NEWS ANCHOR] THIS WEEK, PRESIDENT KUFUOR'S GOVERNMENT

CALLED THE FIRST OIL AND GAS CONFERENCE.

A KEY QUESTION WILL BE HOW TO DIVIDE FUTURE INCOME

BETWEEN FOREIGN COMPANIES AND THE GHANAIAN GOVERNMENT.

GHANA MIGHT DRAW HEAVILY FROM THE EXPERIENCE OF NORWAY,

ONE OF THE MAJOR OIL PRODUCERS IN THE WORLD.

♪♪

[SHUTTERS CLICKING]

NUMBER ONE PROBLEM WITH RAW MATERIAL

IS THAT IT TENDS TO ESTABLISH AN ENORMOUS CASH MACHINE...

MR. ABANKWA, SIR.

GOOD IDEA TO DO THIS.

AND EVERYBODY SEEMS TO BE VERY COMMITTED TO IT,

-MMM. -WHICH IS REALLY...

THE ONLY PART I DIDN'T LIKE WAS THE GUY FROM NORWAY

TALKED ABOUT TAXING THE OIL COMPANIES TO THE-- TO THE END.

I DON'T LIKE THAT PART.

YEAH, FOR THE GUY-- FOR THE GUYS THAT COME LATER.

YEAH, THE LATER GUYS.

THE NEXT DISCOVERY, THE NEXT BLOCKS.

AH, THERE YOU GO. THAT'S WHAT--

THAT'S WHAT WE WANTED TO HEAR.

I KNOW, I KNOW, I WAS TEASING YOU.

BUT I THOUGHT THAT WAS A BIT...

[CHUCKLING]

♪♪

KOSMOS' STRATEGY WAS TO BE MORE FRONTIER-ORIENTED,

WHERE THERE WERE NOT YET KNOWN HYDROCARBONS.

AND WHERE THE RELATIONSHIPS WITH THE GOVERNMENT--

THE ECONOMIC SPLIT WITH THE GOVERNMENT-- WOULD LEAVE MORE

AVAILABLE TO THOSE DOING THE EARLY DRILLING.

AND THAT WAS THE KOSMOS STRATEGY AND PART OF THE ATTRACTION HERE.

SO, CLEARLY HIGHER RISK, BUT ALSO MUCH HIGHER REWARD.

IT WAS A GOOD CONTRACT FOR US AT THE TIME

BECAUSE THERE WAS NO OIL IN THE COUNTRY.

IT'S SUPPLY AND DEMAND.

IT'S PURE SUPPLY AND DEMAND.

HOW CAN YOU ATTRACT CAPITAL TO COME INTO YOUR COUNTRY

IF-- IF YOUR-- IF YOU DON'T REALLY HAVE THE--

A REALLY ATTRACTIVE EXPLORATION BLOCK TO OFFER?

YOU HAVE TO REDUCE YOUR CONTRACT DOWN, WHERE IT LOOKS

LIKE A GOOD DEAL, WHERE THE RISK/REWARD IS PROPER.

'CAUSE I'M-- YOU'RE TAKING HUGE--

WE TOOK HUGE RISK TO COME INTO A COUNTRY THAT HAD NO OIL.

WE'RE ONLY GETTING ABOUT 5% OF THE VALUE,

THE TOTAL VALUE OF EXPORTS OF GOLD.

[MAN] GHANA'S VOTERS ARE TO CHOOSE A NEW PRESIDENT,

AS CURRENT PRESIDENT JOHN KUFUOR

PREPARES TO STEP DOWN AFTER EIGHT YEARS IN POWER.

[MAN] THE INCUMBENT PRESIDENT JOHN KUFUOR IS NOT RUNNING.

HOW CLOSE IS THIS CONTEST?

[MAN 2] IT IS A STATISTICAL DEAD HEAT.

[CHEERING AND MUSIC]

[CHEERING]

THIS COUNTRY HAS A LOT OF RESOURCES,

BUT THE NPP GOVERNMENT HAS NOT USED THOSE RESOURCES

FOR THE PEOPLE OF THIS COUNTRY.

[CHEERING AND APPLAUSE]

[WOMAN] WE JUST WANTED TO ASK YOU ABOUT THE OIL MONEY.

HAVE YOU SEEN THE CONTRACT

BETWEEN KOSMOS AND THE GOVERNMENT?

WE HAVEN'T, I HAVEN'T.

DO YOU KNOW WHAT'S IN IT?

I DON'T KNOW WHAT'S IN IT, BUT WHATEVER IT IS,

WE WILL TAKE A LOOK AT IT WHEN WE COME INTO GOVERNMENT.

YOU SEE, WHAT HAPPENS NORMALLY IS THAT,

IT'S NOT EVERYTHING THAT YOU SEE ON PAPER THAT IS THERE.

WE WANT TO GO OVER ALL THE DETAILS

AND LOOK AT IT VERY CAREFULLY.

BUT, WE SHALL BE GUIDED

BY ONLY WHAT IS IN THE BEST INTERESTS OF OUR DEAR NATION.

IF YOU FELT IT WAS IN THE BEST INTEREST OF YOUR NATION,

WOULD YOU BE WILLING TO CHANGE THE CONTRACT?

WHY NOT? NO-- WHY NOT?

THAT IS-- THERE'S NO DOUBT ABOUT IT,

HOW TO ACT IN THE INTEREST OF THE COUNTRY.

AND I'M NOT GOING TO SAY THAT BECAUSE THE GOVERNMENT

HAS COMMITTED US IN THE WRONG WAY,

I'M GOING TO FOLLOW SUIT.

WHATEVER I DO, I'M NOT GOING TO BE VINDICTIVE,

I'M NOT GOING TO BE PARTIAL.

I'M ONLY GOING TO FOLLOW MY CONSCIENCE

AND WHAT IS IN THE BEST INTEREST OF OUR DEAR NATION.

OPPOSITION LEADERS DECLARED THE WINNER

OF GHANA'S PRESIDENTIAL ELECTION.

UM, YEP.

JOHN ATTA MILLS, WHO WAS THE OPPOSITION PARTY,

ENDED UP BEATING AKUFO-ADDO IN THE ELECTION.

[WOMAN] I IMAGINE THAT A CHANGE IN GOVERNMENT

IS SORT OF A NERVE-WRACKING TIME.

YOU KNOW WHAT YOU HAD

AND YOU LEARNED HOW TO DEAL WITH IT,

BUT YOU DON'T KNOW THE NEW GUY.

-YEAH. -SO, THERE'S A BIG UNKNOWN...

THERE'S A QUESTION IN THE AIR.

THERE IS, THERE IS IN A-- CERTAINLY IN A LOT OF PLACES.

I THINK GHANA, IN MY MIND ANYWAY, IT'S MITIGATED

TO SOME EXTENT BECAUSE NEW GUYS, OLD GUYS, WHATEVER,

THEY ALL BELIEVE IN THE RULE OF LAW.

AND THEY'RE ALL WELL-EDUCATED GOOD PEOPLE

THAT WILL DO THE RIGHT THING FOR THEIR COUNTRY.

AND THAT'S-- WE'RE DOING THE RIGHT THING FOR THEIR COUNTRY.

AND SO, I DON'T-- IF WE WERE SOME SCALLYWAGS,

PERHAPS YOU WOULD WORRY ABOUT WHERE--

YOU KNOW, WHO THESE NEW GUYS ARE, AND ALL OF THAT.

BUT, WE'RE PRETTY-- WE'RE PRETTY STRAIGHT--

STRAIGHT-AHEAD KIND OF PEOPLE AND I THINK THEY KNOW THAT.

AND SO I DON'T-- IT SHOULDN'T MAKE ANY DIFFERENCE.

I'M BILL HAYES.

I'M THE GENERAL COUNSEL FOR KOSMOS ENERGY.

[WOMAN] IS THIS A NORMAL LEVEL OF ACTIVITY

FOR AN OIL COMPANY OF THIS SIZE?

IT'S A COMPLETELY ABNORMAL LEVEL OF ACTIVITY FOR KOSMOS,

FOR A COMPANY KOSMOS' SIZE, YEAH.

IT'S-- THIS IS A VERY SMALL COMPANY TO HAVE

PROBABLY ONE OF THE LARGEST FINDS

IN AFRICA IN, I DON'T KNOW, A GENERATION.

AND SO THERE'S, YEAH, WE'RE ALL KIND OF BUSY AT THE WHEEL HERE,

WORKING HARD 'CAUSE THERE'S JUST,

UH, IT'S PRETTY ASTONISHING.

WHAT DO YOU SEE AS THE BIGGEST CHALLENGES

IN FRONT OF YOU RIGHT NOW?

OH, GOSH, UM, WELL, GETTING THE POD APPROVED

IS A HUGE CHALLENGE, UM...

TELL ME WHAT A POD IS?

OH, IT'S A PLAN OF DEVELOPMENT.

♪♪

THE PROBLEM WE FACE RIGHT NOW

IS THAT WE'RE IN THIS SORT OF INTERIM PERIOD

WHERE WE'VE GOT THIS PLAN OF DEVELOPMENT

THAT'S NOT QUITE AGREED BY THE GOVERNMENT, SO IT'S HALF-BAKED,

WHICH GIVES THEM THE OPPORTUNITY TO MAKE SOME CHANGES

IF THEY SO CHOOSE TO.

NOW, WE'VE GOT A PRETTY FIRM POSITION,

THIS IS WHAT WE'VE AGREED WITH THE LAST GOVERNMENT,

SO WE WOULD HOPE THE GENTLEMAN WOULD ENTERTAIN THE SAME THING

FOR THE NEW GOVERNMENT.

♪♪

[BRIAN] THE PRINCIPLE CHALLENGE FOR THE COMPANY IS THROUGH TO FIRST OIL.

ONCE CASH FLOW STARTS TO COME IN FROM OIL PRODUCTION,

THEN WE'LL BE IN A VERY STRONG POSITION TO FUND EXPLORATION,

APPRAISAL AND DEVELOPMENT, IN FACT, FROM THAT CASH FLOW.

[WOMAN] YOU SEEM TO BE UNDER A LOT OF STRESS.

UM, THE STRESS IS REALLY JUST FROM THE WORKLOAD.

THERE'S JUST A LOT GOING-- WE ARE, AT THE END OF THE DAY,

A SMALL COMPANY IN A VERY LARGE PROJECT,

IN A VERY COMPLEX PROJECT THAT, UM, HAS GOT MANY MOVING PARTS.

SO WHAT DO YOU DO TO DEAL WITH THE PRESSURE?

WE WORK LONGER HOURS AND LONGER DAYS AND SEVEN DAYS A WEEK.

AND OFTEN TIMES PUT OUR FAMILIES SECOND,

AND OUR MARRIAGES AT RISK, YEAH, FOR-- FOR THE CAUSE.

WHAT DO YOU WANT TO SEE HAPPEN TO KOSMOS?

WHAT ARE YOUR HOPES?

-UM, MY-- MY HOPES? -YEAH.

MY HOPE'S THAT, UH, UM, KOSMOS WILL BE A SUCCESSFUL INVESTMENT

FOR ALL THOSE THAT HAVE INVESTED IN IT, AND TAKEN THE RISK.

THE IMPORTANT THING IS WE DO THE RIGHT THING

FOR THE SHAREHOLDERS, AND MAXIMIZING THEIR RETURNS.

IF I'M TO BE LEFT WITH ANYTHING,

IT'S, UH, IT'S AN ENHANCED REPUTATION

AND A-- AND A BETTER TRACK RECORD

THAN I HAD BEFORE WE STARTED KOSMOS.

REPUTATION'S EVERYTHING.

IF YOU CAN GET ANY INSIGHT FROM HIM ON WHAT THE PROCESS IS

AFTER WE'VE PUT THE POD IN THIS WEEK?

IS IT GONNA BE TAKEN UP TO THE OFFICE OF THE PRESIDENT,

OR HAS SOMEBODY GOT AUTHORITY TO SIGN IT?

I MEAN, IT'S JUST QUESTIONS THAT WE'RE BEING ASKED

BY OUR BOARD, AND I DON'T HAVE ANY ANSWERS.

[JIM] I WAS GETTING HUGE PRESSURE FROM THE BOARD.

I REMEMBER THEM SAYING, "NO POD, NO COMPANY."

"BECAUSE WE'RE DOING ALL OF THESE THINGS

"IN ORDER TO PROVIDE THE CAPITAL.

"AND SO, YOU'VE GOT TO GET THIS POD APPROVED

OR THIS COMPANY'S GONNA GO DOWN THE TUBES."

[BRIAN] JEFFREY'S A LITTLE FREAKED OUT.

"LOOK OUT ALL THE PROBLEMS WE'VE GOT IN GHANA RIGHT NOW!"

[JIM] OH, ME, OH MY.

I, UH, I DON'T KNOW.

WARBURG PINCUS AND BLACKSTONE HAD INVESTED $825 MILLION,

WHICH IS AN AWFUL LOT OF MONEY.

WE WANTED THE TEAM AT KOSMOS TO MAKE THIS THING WORK.

[SIGHS]

[JIM] I WONDER IF I CALLED THE MINISTER BACK--

I'VE CALLED HIM TWICE AND NEVER GOT HIM--

BUT IF I CALLED HIM BACK TOMORROW AND SAID,

"LOOK, WE'RE PREPARED.

"I WOULD LIKE TO GET US ALL SOME ATTENTION

"ABOUT THE SIGNING OF THE POD, YOUR GAS DEVELOPMENT PLAN.

"I'D LIKE TO HAVE A BIG, FORMAL SIGNING CEREMONY

THURSDAY OF NEXT WEEK."

I MEAN, THAT'S MAYBE WHAT IT'S GONNA TAKE TO GET IT DONE.

MAYBE.

HASN'T BEEN INCREDIBLY CONVINCING.

HAVE A CARROT OUT THERE AND SAY, "HERE".

'CAUSE THIS COULD JUST GET LOST

OUT IN POLITICIAN LAND FOR...

UN-CORRALLED NOW, IT COULD GO ANYWHERE.

[WOMAN] HI.

[MAN] GOOD MORNING.

[SOUNDS OF TRAFFIC]

[SIRENS BLARING]

[NEWSMAN] THE MARKET FELL AS IF DOWN A WELL TODAY.

THE DOW TRADERS ARE STANDING THEIR WATCH

IN AMAZEMENT AND I DON'T BLAME THEM!

WE HAVEN'T SEEN ANYTHING LIKE THIS, PROBABLY SINCE

THE GREAT DEPRESSION, I THINK IT'S FAIR TO SAY.

THE OPENING BELL IS GOING TO RING,

AND TO BE HONEST WITH YOU, WE WISH IT WOULDN'T.

WHEN YOU LOOK AT STOCKS IT JUST TELLS ONE PART OF THE STORY.

WE ALSO SAW OIL FALL DRAMATICALLY TODAY,

DOWN $10 1/2 PER BARREL, BECAUSE WALL STREET

IS VERY FEARFUL THAT IT'S GOING TO LEAD TO A SLOWDOWN

IN THE UNITED STATES AND A SLOWDOWN ALL OVER THE WORLD.

[WOMAN] IN PARTICULARLY, LOOKING AT OIL STOCKS,

WE'VE SEEN A CONTINUOUS DECLINE.

LAST WEEK, THE OIL AND GAS FIVE INDEX WAS DOWN 10.3%.

WE'LL KEEP YOU POSTED. WILSON?

OIL, COMMODITIES, STOCKS,

BRINGING YOU THE NEWS THAT AFFECTS YOUR WALLETS.

[OUTBOARD MOTOR REVVING]

[WOMAN] SELLING THE PIPELINES?

[OVERLAPPING CHATTER]

HEY, PATRICK, WHAT IS THAT THAT THEY'RE DOING WITH THOSE?

♪♪

[MAN SHOUTING]

[NEWSWOMAN] THE STOCK MARKET TOOK ANOTHER BEATING TODAY.

THE DOW INDUSTRIALS LOST ABOUT 440 POINTS.

ADD THAT TO YESTERDAY'S SIMILAR LOSS

AND YOU GET THE DOW'S WORST TWO-DAY PERFORMANCE SINCE 1987.

[NEWSMAN] THE BIG PRIVATE EQUITY COMPANY BLACKSTONE

LOST MORE THAN HALF A BILLION DOLLARS LAST QUARTER,

SO THE BAD NEWS JUST DOESN'T STOP.

OIL IS OFF $2.33 NOW.

IT'S QUITE FRIGHTENING WHEN YOU'RE DEPENDANT ON A COMMODITY

THAT'S GONE FROM $140

TO 30-SOMETHING DOLLARS IN A NANOSECOND.

WE'RE THINKING ABOUT WHAT'S THE COMPANY WORTH,

TO SEE WHO MIGHT, IN FACT, BE, UH, INTERESTED IN--

IN PERHAPS BUYING THE-- THE ASSET.

WE HAVE A DATA ROOM IN PLACE

WHERE WE'VE GOT ALL THE GEOLOGIC RECORDS

TO SHOW THE WORLD WHAT WE'VE DISCOVERED.

EXXON MOBIL'S IN THE DATA ROOM TODAY.

AND, AT SOME POINT IN TIME,

WE'RE GONNA BE RECEIVING BIDS HERE.

[WOMAN] LETS TALK A LITTLE ABOUT WHY YOU'RE SELLING RIGHT NOW.

IS IT BLACKSTONE AND WARBURG PINCUS WHO MAKE THAT CHOICE?

WELL, YES, AND ULTIMATELY, IT WILL BE, YES.

IT'LL-- BECAUSE THEY'RE-- IT'S- IT'S THEIR-- IT'S THEIR MONEY.

PRIVATE EQUITY GUYS NEED TO GET THE KIND OF RETURNS

THAT THEIR INVESTORS EXPECT FROM THEM.

BUT, WHEN'S THE INFLECTION POINT WHERE YOU CAN GET PAID ENOUGH

FOR THE, UH, FOR THE POTENTIAL UPSIDE,

BUT YOU DON'T GIVE IT AWAY.

WELL, I WOULD THINK YOU MIGHT BE A LITTLE SAD

TO SEE JUBILEE GO.

I'M SURPRISED TO HEAR YOU SOUND SO...

-WELL... -CALM ABOUT THE WHOLE THING.

YOU KNOW, THE-- AGAIN, IT'S, THERE'S--

YOU HAVE TO BE PRAGMATIC ABOUT WHERE THINGS ARE.

AND THERE'S SO MUCH-- SO MUCH CAPITAL THAT'S NEEDED,

AND THIS IS NOT EXACTLY

A CAPITAL-RICH ENVIRONMENT RIGHT NOW.

[JIM] WE ALSO HEARD THAT EXXON MOBIL

ASKED ABOUT CONFLICTS FROM GHANAIAN COUNSEL.

I JUST CALLED OUR-- I JUST CALLED BILL HAYES

TO FIND OUT WHETHER THERE'S, YOU KNOW,

CONFLICTS HERE OR THERE, OR WHAT AND SO...

AND TRYING TO FIND OUT A FIRM THAT THEY COULD--

A GHANAIAN FIRM THAT THEY COULD USE.

SO THAT, YOU KNOW, THAT'S OBVIOUSLY POSITIVE.

GNPC WOULD REALLY LOVE AN EXXON MOBIL. YEAH.

INTERESTING.

[BRIAN] THEY'D JUST TAKE THE POT TO ANOTHER LEVEL.

[JIM] RIGHT.

I'M ALMOST TEMPTED JUST TO GO TO EXXON AND SAY,

"OKAY, COME ON GUYS."

WHY DON'T YOU GO AND PREEMPT...

YEAH.

DO YOU WANT TO KNOW A NUMBER AND WE'LL JUST--

WE CAN WHISPER IT IN YOUR EAR AND TELL YOU

WHAT IT WOULD TAKE AND...

AND THEY COULD GO TO THE SAFE AND PULL IT OUT,

AND PAY YOU AS YOU LEFT.

[CHUCKLING]

RIGHT.

YOU WANT THAT IN HUNDREDS OR TWENTIES?

[CHUCKLING]

ANYWAY.

-UHH... -HMM, OKAY.

[WOMAN] HOW MUCH MONEY WILL YOU MAKE IF YOU SELL

THIS JUBILEE PROSPECT FOR WHAT YOU THINK IT'S WORTH?

WE THINK OUR GHANAIAN ASSET'S WORTH

SOMEWHERE BETWEEN FOUR AND FIVE BILLION DOLLARS TO KOSMOS.

IT'S A "BIG BOY" DEAL.

I MEAN IT'S A-- IT'S WORTH A LOT OF MONEY.

YOU PROBABLY JUST OUGHT TO MOUNT A CAMERA HERE FULL TIME.

[CHUCKLING]

'CAUSE IT'S GONNA BE NUTS.

[RIG MACHINERY WHIRRING]

[OCEAN BUBBLING]

[JIM] WE WERE TRYING TO SELL THE COMPANY,

BUT WE WERE GOING ABOUT OUR BUSINESS

AS IF WE WERE NOT GONNA SELL.

SO, BY THIS TIME, KOSMOS, LITTLE KOSMOS,

IS IN THE PROCESS OF SPENDING HUNDREDS OF MILLIONS OF DOLLARS

TO PUT TOGETHER THIS PROJECT.

AND WE WERE ALL ON A REAL TIGHT TIMELINE

TO GET TO FIRST OIL BY THE END OF, UH, 2010.

[BRIAN] HERE WAS KOSMOS ENERGY, WITH A LARGE INTEREST

IN THIS WONDERFUL ASSET,

AND WE WERE CHALLENGED FINANCIALLY

BECAUSE OF THE FINANCIAL CRISIS.

WHEN ONE IS IN A DISTRESSED SITUATION FINANCIALLY,

UH, THE VULTURES COME CIRCLING.

AND THAT CAME IN THE FORM OF, UH, IN MANY FORMS.

[JIM] ALL OF A SUDDEN I GET A VERY LEGAL LETTER

FROM ANADARKO, SAYING THAT THEY HAVE GRAVE CONCERNS

ABOUT, UM, FOREIGN CORRUPT PRACTICE ACT, UH, VIOLATIONS

BY KOSMOS ENERGY, AND WANTING TO CONDUCT

A COMPLETE AND THOROUGH INVESTIGATION.

FCPA STANDS FOR FOREIGN CORRUPT PRACTICE ACT.

[WOMAN] AND WHAT IS THE FOREIGN CORRUPT PRACTICE ACT?

IT BASICALLY SAYS THAT YOU-- IF YOU'RE A U.S. COMPANY

YOU CAN'T BRIBE A-- AN OFFICIAL OF A FOREIGN COUNTRY.

YOU CAN GO TO JAIL, THERE'S-- THERE'S ALL KINDS OF BAD FINES,

AND IT'S BAD.

SO, I MEAN, IT'S-- IT'S A VERY STIFF, STRINGENT LAW.

[BRIAN] HI GEORGE, I JUST GOT YOUR EMAIL.

THIS IS NOT JUST A...

UM, INVESTIGATION OF YOURSELVES.

IT'S ALSO AN INVESTIGATION OF KOSMOS, THE WAY I READ IT.

- I MEAN, "WAS E.O. GROUP

"SET UP BY KOSMOS TO ACT AS AN INTERMEDIARY

INTO NEGOTIATIONS WITH THE MINISTRY OF ENERGY?"

I MEAN THAT'S--

RIGHT.

RIGHT.

[JIM] WE GOT OUR LICENSE BECAUSE OF GEORGE OWUSU AND THE E.O. GROUP.

SUPPOSEDLY THE PAYMENTS THAT WE MADE

THE E.O. GROUP AS A SUCCESS FEE,

SUPPOSEDLY THAT WAS PASSED ON TO KUFUOR OR OTHERS.

NOW, WE WERE GREAT FRIENDS WITH KUFUOR

AND THE NEW GOVERNMENT DID NOT LIKE KUFUOR,

THEY WERE BLOOD ENEMIES.

THEY SAID THAT WE'D DONE SOMETHING REALLY BAD AND DIRTY

WITH REGARD TO THE KUFUOR ADMINISTRATION

AND THAT WE WERE PARTICIPANTS IN SOME SORT OF A--

A BRIBERY, OR WHATEVER, IN ORDER TO GET THIS LICENSE.

WELL, THE ONLY THING THAT LED THEM TO DO THAT

IS THAT THE BLOCK HAD BECOME VERY VALUABLE.

IT'S WORTH BILLIONS OF DOLLARS NOW.

♪♪

WE'RE CONDUCTING INVESTIGATIONS UNDER WHAT CIRCUMSTANCES

WERE THOSE CONTRACTS NEGOTIATED AND SIGNED.

WAS EVERYTHING DONE, NOT ONLY IN ACCORDANCE

WITH THE LETTER OF THE LAW, BUT WITH THE SPIRIT OF THE LAW,

FOR THE BETTERMENT OF THE GHANAIAN PEOPLE?

[WOMAN] I ASKED ATTA MILLS DURING THE ELECTION,

"WOULD YOU BE WILLING TO CHANGE THE TERMS

OF THE ORIGINAL CONTRACT WITH KOSMOS?"

AND HE SAID, "ABSOLUTELY."

WHAT DO YOU THINK OF THAT STATEMENT?

WELL, I THINK THAT IT'S AN ACCURATE STATEMENT.

AND THIS IS WHY WE'RE ACTUALLY PURSUING THIS INVESTIGATION.

IT'S IN PURSUANCE OF TRANSPARENCY.

WE MUST THINK OF THE NATION.

THIS IS THE THING THAT, IN AFRICA,

WE FIND VERY DIFFICULT TO DO.

AS A PEOPLE, YOU KNOW, WE PUT OUR OWN INTERESTS FIRST.

DO YOU KNOW WHEN THIS IS GONNA BE RESOLVED?

IN THE VERY NEAR FUTURE.

[CHUCKLING]

YEAH, WE'RE GETTING A LOT OF QUESTIONS

ABOUT THIS FCPA STUFF NOW.

SO, WE JUST NEED TO, AGAIN, BOX THAT UP.

THE WAY I TOLD HIM WE SHOULD SPIN IT IS LIKE, UM,

THE PARTNERSHIP DECIDED TO GO AND DO SOME FULL AND COMPLETE

DUE DILIGENCE BEFORE SPENDING THREE BILLION DOLLARS.

WE DID OUR OWN.

AND WE'VE GOT THIS GREAT FILE.

-WHAT DO YOU THINK? -I THINK IT'S, I MEAN,

IT'S SUCCINCT, AND IT SAYS IT ALL.

AND THAT WE NEED TO GET SOMETHING IN THE DATA ROOM

THAT SHOULD JUST ADDRESS IT, JUST A PLACEHOLDER FOR--

FOR, UH, FOR THE LEGAL DUE DILIGENCE,

'CAUSE THERE'S JUST NOTHING THERE RIGHT NOW.

AND PEOPLE ARE ASKING THE QUESTION.

WELL, IT'S A LEGITIMATE, OBVIOUS QUESTION

THAT AT THIS JUNCTURE YOU NEED TO KNOW

THE ANSWER TO THAT, SO...

WE WERE UNDER HUGE PRESSURE

AND WE KEPT SAYING, "THERE'S NOTHING TO THIS".

I MEAN, THERE-- BUT THE FACT THAT WE GOT SORT OF INDIGNANT

THAT THEY'RE QUESTIONING OUR INTEGRITY,

THEY SAID, "OH, RED FLAG."

THEY WANTED TO INTERVIEW ME AND BRIAN ALL OF SENIOR MANAGEMENT,

WANTING TO SEND IN A SWAT TEAM OF LAWYERS TO COME INTERVIEW US.

FINALLY OUR, UM, OUR BOARD OF DIRECTORS SAID--

AND THIS WAS WHEN ALL OF THE-- THE, UH, FINANCIAL CRISIS

WAS MELTING DOWN, "WE GOTTA SELL,

WE GOTTA SELL, WE GOTTA SELL," AND THEY'RE THINKING,

THE BOARD OF DIRECTORS SAYS, "WE CAN'T HAVE

"ANY KIND OF SMELL OF ANY FCPA

'CAUSE WE'RE GONNA SELL THIS COMPANY AND WE CAN'T HAVE THAT."

AND SO THEY SAID, "DO WHATEVER THEY WANT."

[JEFFREY] IT WAS VERY STRESSFUL,

BECAUSE FCPA BEING TOSSED AROUND CAN REDUCE MARKET VALUE.

AND THE GOAL OF THE VENTURE CAPITALIST

IS TO MAXIMIZE PROFIT.

BUT CAN YOU GET THE CASH?

OR WILL THERE BE SO MANY OTHER PEOPLE AND ENTITIES INVOLVED

THAT YOU CAN'T EARN A PROFIT?

[PHONE RINGING]

[WOMAN] DO YOU THINK THAT THIS INVESTIGATION IS RELATED

TO THE FACT THAT THEY BELIEVE KOSMOS GOT SUCH A SWEET DEAL?

[JIM] YOU KNOW, THE TRAGEDY OF THIS WHOLE THING

IS UNDER THE KUFUOR ADMINISTRATION

WE HAD VERY GOOD RELATIONSHIPS WITH THEM,

'CAUSE WE WORKED VERY HARD AT IT.

WE SPENT LOTS OF TIME IN COUNTRY--

[WOMAN] WELL, SOME PEOPLE MIGHT HEAR WHAT YOU'RE SAYING

RIGHT NOW AS KIND OF IRONIC,

GIVEN WHERE YOUR RELATIONSHIP HAS GONE WITH...

WHERE IT'S GONE WITH WHO? WITH THE GOVERN--?

-THE GHANAIAN GOVERNMENT. -YEAH, I, I AGREE,

IT'S-- WELL, AND THERE'S A REASON FOR THAT.

WHAT'S THE REASON?

I WAS REMOVED.

[DOG WHIMPERING]

OUR BOARD OF DIRECTORS CAME AND SAID,

"WE'VE DECIDED TO MAKE A CHANGE.

"AND WE WANT TO MAKE A CHANGE

BECAUSE WE'VE LOST CONFIDENCE IN YOU."

I SAID, "WHAT HAVE I DONE?"

"WELL, WE JUST LOST CONFIDENCE IN YOU.

"YOU CAN'T GET ALONG WITH-- YOU KNOW,

"WE'VE GOT THIS FCPA PROBLEM.

"YOU CAN'T GET ALONG WITH THE GOVERNMENT.

"YOU YELLED AT THE MINISTER AND, YOU KNOW,

"AND WE CAN'T GET A POD SIGNED.

"ALL OF THESE THINGS, WE JUST--

WE'VE LOST CONFIDENCE IN YOU, WE'RE GONNA MAKE A CHANGE."

I SAID, "WELL, WHO ARE YOU GONNA HIRE?"

THEY SAID, "WE'RE GONNA ELEVATE BRIAN."

AND I SAID, "THIS MAKES-- THIS JUST MAKES NO SENSE.

"IT MAKES ABSOLUTELY NO SENSE.

"YOU'RE GONNA-- YOU'RE JUST GONNA SHUNT ME ASIDE

"AND BRING SOMEBODY ELSE IN.

"NUMBER ONE, IT'S GONNA MAKE YOU LOOK TERRIBLY WEAK

"WITH THE GOVERNMENT OF GHANA, THAT ALL OF A SUDDEN YOU'RE--

"YOU'RE BACKING DOWN IN FRONT OF THEIR, YOU KNOW,

"THEIR DEMANDS, OR WHATEVER WERE THEY.

"AND NUMBER TWO, YOU'RE CONCEDING

"WE'VE GOT AN FCPA VIOLATION GOING ON--

"I MEAN, AN INVESTIGATION GOING ON.

"AND YOU'RE GONNA SIT ME DOWN IN THE MIDST OF THAT.

AND THAT'S GONNA BE SORT OF AN ADMISSION OF GUILT OF SORTS."

I SAID, "IT'S JUST SILLY."

JIM WAS THERE FOR QUITE A LONG TIME,

AND I THINK THAT IT'S A VERY STRESSFUL POSITION.

AND, AS YOU KNOW, THE KOSMOS HISTORY OVER THE SEVEN YEARS,

OR WHATEVER, UH, HAS NOT ALWAYS BEEN SMOOTH SAILING.

THE ROLE OF THE BOARD IS TO ENSURE

THAT THE BUSINESS IS WELL MANAGED,

SO THAT THE RIGHT DISCIPLINES ARE IN PLACE,

THAT THE RIGHT PEOPLE ARE IN PLACE,

THAT THERE IS SUCCESSION PLANNING

FOR MANAGEMENT, FOR EXAMPLE,

SO THAT THOSE PEOPLE WHO PUT MONEY AT RISK

HAVE A CHANCE TO ACTUALLY GET A RETURN.

A TANGIBLE RETURN IN TERMS OF CASH.

IT'S ABOUT PROTECTING THEIR PERSONAL REPUTATIONS.

BECAUSE THEY LIVE IN A-- THEY LIVE IN A WORLD

WHERE PEOPLE CHEW ON EACH OTHER'S LEGS ALL THE TIME.

AND THEY HAVE TO PROTECT THEMSELVES, BECAUSE THEY--

IF THEY EVER, EVER MISS A STEP, AND IF THEY EVER ARE PERCEIVED

TO BE WRONG THEN THEY'RE-- THEY'RE FOREVER LOST

IN THEIR QUEST OF WHAT THEY'RE DOING,

BECAUSE THEY DON'T HAVE MANY OPPORTUNITIES

TO MAKE MISTAKES IN THEIR WORLD.

[MAN LAUGHING]

[OIL BUBBLING]

BUT IMMEDIATELY IF OIL IS DISCOVERED,

IMMEDIATELY IF OIL IS FOUND IN A PARTICULAR PLACE...

UM, THOSE WHO FOUND THEMSELVES...

[MEN TALKING]

[SIREN BLARING]

♪♪

AND WITHOUT A CERTAIN DISCIPLINE,

WITHOUT A CERTAIN VISION,

WITHOUT A CERTAIN SOLIDARITY...

OIL REVENUES WILL START AROUND THE FOURTH QUARTER OF THIS YEAR.

WE ARE LAYING THE FOUNDATION

FOR A PROSPEROUS INDUSTRIAL NATION.

YEAH, OKAY.

THE AGREEMENT THAT WAS ENTERED INTO WITH KOSMOS,

UM, PERHAPS HAD TERMS THAT NO OTHER AGREEMENT

THAT HAS BEEN SIGNED RECENTLY HAD.

AND, UM, YOU KNOW, THERE MAY HAVE BEEN REASONS FOR THAT.

BUT WHAT GNPC I THINK HAS TRIED TO DO THEREFORE

IS, YOU KNOW, ALSO TO SEE HOW THROUGH NEGOTIATING

TO TAKE THE INCREASED STAKE, THE BENEFITS OF THAT AGREEMENT

CAN ACCRUE MORE TO THE NATIONAL OIL COMPANY.

[JIM] OUR BIGGEST EGREGIOUS MISTAKE WAS TO SHUT DOWN THE AUCTION

AND TO NOT TAKE BIDS FROM OTHER COMPANIES.

I BEGGED THEM.

I SAID, "ASK FOR FORGIVENESS AFTER IT'S DONE.

GET THE BIDS IN HAND."

AND I SAID, "THEN YOU'LL HAVE-- YOU'LL HAVE THE HIGH GROUND

AT THAT POINT IN TIME. YOU CAN DEAL WITH THESE PEOPLE."

I SAID, "PLEASE, YOU'VE GOT TO TAKE THE BIDS."

THAT'S ALSO THE HEIGHT OF THE WHOLE FCPA THING.

THAT WAS REALLY SWIRLING AROUND AT THAT POINT IN TIME.

SO, JEFFREY'S ON HIS HEELS BECAUSE OF FCPA.

[JEFFREY] YOU COULD COME TO THE CONCLUSION THAT

FCPA BEING TOSSED AROUND WAS A TACTIC

TO TRY AND REDUCE MARKET VALUE,

TO GET KOSMOS TO SELL AT A DISCOUNT PRICE

WITH THE POTENTIAL FOR THE GHANAIANS,

OR GNPC SPECIFICALLY, TO THEN RESELL THAT INTEREST

AT A MARK-UP, TAKE A SPREAD.

[JIM] THE WHOLE THING WAS THEY WANTED TO DRIVE THE PRICE DOWN

AND THEN TURN AROUND AND SELL IT HIGH.

YOU KNOW, BUY IT FOR THREE BILLION

AND SELL IT FOR FOUR AND A HALF,

AND KEEP A THIRD OF THE ASSET FOR THEMSELVES, SCOT-FREE.

I MEAN, THEY'RE JUST AS CROOKED AS THEY CAN BE.

[RIG WORKER] OKAY, CHRIS .

WE'RE GONNA BE PAYING OUT ON THE PIPE.

GO ABOUT 5%.

[WOMAN] WELL, THIS PROVIDES GNPC

WITH AN OPPORTUNITY TO MAKE A POTENTIAL PROFIT.

[MAN] OKAY.

[BRIAN] BECAUSE OF THE SIZE OF THE PRIZE THAT WE'D UNLOCKED,

EVERYBODY WAS LOOKING FOR AN OPPORTUNITY.

BUT, KOSMOS WAS SEEDED ON $300 MILLION

OF OTHER PEOPLE'S MONEY.

NOBODY INVESTS IN THAT BUSINESS,

GIVEN THAT IT'S HIGH-RISK AND HIGH-COST,

IF IN THE EVENT OF SUCCESS THE RETURNS AREN'T HIGH.

AND IF WE'D HAD TO SELL THE ASSET TO GNPC,

WE DON'T THINK WE WOULD'VE GOT THE FULL VALUE

THAT WE'D CREATED.

SO, WE CAME UP WITH ANOTHER PLAN.

[WOMAN] AT WHAT POINT WAS THE DECISION MADE

TO NEGOTIATE WITH EXXON MOBIL PRIVATELY,

SORT OF BEHIND THE BACK OF THE GOVERNMENT?

[EXHALING]

UM, I WENT TO BRIAN.

I SAID, "EXXON HAS GOT THE BALLS TO DO THIS,

"AND, YOU KNOW, JUST GO TELL THEM

THAT THEY'VE GOT A FREE SHOT HERE."

SO, BRIAN DID THAT.

♪♪

[GEORGE] EVEN THOUGH I HAVE BROUGHT KOSMOS IN THE COUNTRY,

THEY JUST KICKED ME OUT.

TO ME, AT THAT TIME,

WHAT I TOLD THEM LATER ON WAS THAT, LOOK, I FELT--

EXCUSE ME, EXCUSE MY FRENCH, BUT THAT'S HOW I FELT--

THAT THE NIGGER HAS BEEN THROWN UNDER THE BUS.

THAT'S HOW I FELT.

BRIAN VEHEMENTLY DID NOT LIKE MY CHARACTERIZATION

OF HOW I WAS DISCHARGED,

BUT HEY, I'M SORRY, THAT'S HOW I FELT.

NOW, AFTER THE FACT, THEY FOUND OUT

I DIDN'T DO WHAT THEY SAID I DID.

HOW DO YOU PUT THE GENIE BACK IN THE BOTTLE?

GOOD AFTERNOON.

[CHATTER]

IT'S ALMOST A YEAR AGO THAT I LEFT THIS PLACE.

I WANT TO SET THE RECORD STRAIGHT,

MAKE YOU KNOW WHAT HAPPENED,

BECAUSE YOU WERE ALL HERE

AND I DON'T WANT YOU TO HAVE LITTLE BITS AND PIECES OF IT.

I WANT YOU TO HAVE THE WHOLE STORY,

SO THAT IN THE FUTURE, JUST FOR POSTERITY'S SAKE,

WHEN SOMEBODY ASKS YOU, YOU CAN SAY, "YES, I WAS THERE.

I LISTENED TO THE MAN, AND THIS IS WHAT HE SAID."

TWO DAYS AGO, I RECEIVED A LETTER

FROM UNITED STATES JUSTICE DEPARTMENT

AND THIS IS THE REPORT.

"ON BEHALF OF YOUR CLIENTS,

"WE DO NOT INTEND TO TAKE ANY ENFORCEMENT ACTION,

AND HAVE CLOSED OUR INQUIRY INTO THIS MATTER."

DESPITE ALL THE BACK-BITING,

THIS IS WHAT THE UNITED STATES GOVERNMENT HAS SAID.

AND I FELT THAT IT'S IMPORTANT

THAT I SHARE THE LETTER WITH YOU.

THE GOVERNMENT OF GHANA CAME IN HERE,

RAN THROUGH THE OFFICE, RAN THROUGH EVERYTHING.

MY REPUTATION WAS SHOT FOREVER.

BRIAN, MUSSELMAN, THEY ARE HERE BECAUSE OF WHAT WE HAVE.

I WAS BORN HERE, SO MY INTEREST IS RIGHT HERE.

SO, FOR YOUR OWN PEOPLE TO PUT YOU THROUGH THIS,

JUST BECAUSE YOU HELP TO FIND

THIS ASSET FOR YOUR COUNTRY, IS PATHETIC.

[MAN] SO, WHAT IS-- WHAT IS THE NEXT STEP TO THIS?

WELL, I-- I DON'T KNOW.

♪♪

[NEWSMAN] A NEW "GUNS FOR CASH" PROGRAM AIMS TO END THE MILITANCY

IN NIGERIA, AND TO BRING MORE OIL BACK INTO PRODUCTION.

THE NIGERIAN GOVERNMENT WILL OFFER $400 A MONTH,

JOB TRAINING, AND AN UNCONDITIONAL PARDON

TO EVERY MILITANT WHO LAYS DOWN HIS ARMS.

[MEN SINGING]

DEADLY UNDERDOGS, NIGER DELTA,

DELTA STATE, WARRING NORTH LOCAL GOVERNMENT.

[MEN TALKING]

[WOMAN] SO, HOW DO YOU SEE YOUR FUTURE?

[EZEKIEL] I DON'T KNOW.

DO YOU THINK THE AMNESTY WILL WORK?

♪♪

TELL ME WHAT ULTIMATELY HAPPENED

WITH THE EXXON MOBIL DEAL.

[MUSIC PLAYING AND QUIET CHATTER]

-SHOULD BE PRETTY QUICK, BILL. -WHAT'S THAT?

IT SHOULD BE PRETTY QUICK.

WE'RE GONNA HAVE TO LOOK AT IT AND MAKE SURE AND INITIAL IT.

SHOULD BE.

RIGHT.

HELLO?

YEAH, WE JUST NEED TO GET ALL THIS SORTED OUT.

WE'RE WAITING FOR THE MINISTRY.

IF THEY DON'T DELIVER IT TODAY,

WHO SAYS WHEN THEY'RE GONNA DELIVER IT?

YEAH, WELL, TRUE.

[WOMAN] WHY IS GETTING THIS AGREEMENT SO IMPORTANT?

[BILL] WE NEED A MASSIVE AMOUNT OF CASH TO FUND THE PROJECT.

THAT'S THE PROBLEM.

AND IT'S GONNA ALLOW KOSMOS TO GO FORWARD

IN TERMS OF RAISING MONEY,

AND THEN ALLOW US TO HAVE A MORE-- MORE COOPERATIVE,

MUTUALLY BENEFICIAL RELATIONSHIP WITH THE GOVERNMENT,

AS WE USED TO TWO YEARS AGO.

SO IT'S A-- IT'S PRETTY IMPORTANT.

WHY THIS SUDDEN CHANGE OF HEART

FROM THE GOVERNMENT HERE?

I THINK THEY REALIZED THAT THE STATUS QUO

OF-- OF BEING IN CONFLICT

JUST WAS NOT DOING ANYBODY ANY GOOD.

FOR THE LEADING INVESTORS IN THE COUNTRY TO BE TREATED THIS WAY

WAS NOT HELPFUL FOR THE GOVERNMENT OF GHANA.

THERE WAS RUMBLINGS ABOUT, "THIS IS HAVING

"A NEGATIVE EFFECT ON FOREIGN DIRECT INVESTMENT.

SO, CAN WE PLEASE RESOLVE THE KOSMOS MATTER?"

BECAUSE IT WASN'T REALLY GETTING VERY GOOD PRESS.

OKAY.

[WOMAN] SO, YOU GUYS CAN'T GO HOME UNTIL THIS IS SIGNED?

PROBABLY CAN'T GO HOME 'TIL THIS IS SIGNED.

RIGHT.

3:30.

[GEORGE] THIS IS THE FIRST DRAFT OF THE SPEECH

I'M GIVING AT THE FIRST OIL CELEBRATION.

THE ROAD HAS BEEN DEMANDING OF PERSONAL RESILIENCE,

AND I'M PROUD TO BE A PART OF THIS JOURNEY.

RIGHT, "AND E.O. IS PROUD."

YEAH, I GAVE THIS TO THEM ON A SILVER PLATTER.

I CAN'T WAIT TO DELIVER THIS SPEECH!

YEAH, I HOPE SO!

THERE ARE DIFFERENT MODELS TO IT.

I MEAN, OBVIOUSLY, IF THEY FOLLOW THE NORWEGIAN MODEL

WHERE A CERTAIN PROPORTION OF THE REVENUE FROM OIL

IS ALLOCATED TO PROVIDING SOCIAL FACILITIES,

THEN, OF COURSE, YOU'RE GONNA SEE A MAJOR IMPACT.

[MAN] IT ALL DEPENDS ON THE ADMINISTRATION.

THEY SHOULD USE IT WISELY SO THAT IN THE FUTURE,

OUR CHILDREN YET TO COME WILL KNOW THAT, YES,

OUR LEADERS DID A GOOD JOB FOR THIS NATION.

[ATTA MILLS] AFTER A LONG WAIT, THE DAY HAS COME.

WE MUST ENSURE THAT THE OIL IS A BLESSING, AND NOT A CURSE.

[PLAYING LIVE MUSIC]

[KYERETWIE OPOKU] OVER THE LAST FEW MONTHS WE'VE WORKED TO RESET

THE RELATIONSHIP WITH KOSMOS.

AND I THINK WE'VE ACHIEVED THAT NOW.

[BRIAN] IT WAS IN THE BEST INTERESTS OF EVERYBODY.

THE OIL BUSINESS IS A TEAM GAME.

[WOMAN] SO, MOVING FORWARD, WHAT ARE YOUR GOALS?

WE WILL MAKE SURE THAT AS A TEAM, AS A FAMILY,

WE WORK TOGETHER TO DEVELOP SOMETHING

THAT CAN CHANGE THE DESTINY OF THIS COUNTRY.

OH, OUR GOALS ARE TO MAXIMIZE THE VALUE OF THE ASSETS

THAT WE CREATE, AND, UM...

THE WAY WE DO THAT IS, UM, EXPLORE AS MUCH AS WE CAN,

FIND AS MANY OIL FIELDS AS WE POSSIBLY CAN,

AND THEN BRING THOSE OIL FIELDS TO DEVELOPMENT QUICKLY.

WHEN YOU HAVE A COMPANY SUCH AS OURS, THAT'S TAKEN RISK,

PEOPLE NEED TO APPLAUD AND REWARD THE RISK

WITH THE PROPER RETURNS.

BUT, ARE EMERGING COUNTRIES GONNA RUN THE CAPITAL OFF?

ARE THEY GONNA KILL THE GOLDEN GOOSE ONE MORE TIME

BECAUSE THEY GET GREEDY?

[WOMAN] SO, DO YOU THINK IT'S JUST HUMAN NATURE

TO FIGHT LIKE THIS OVER WHO'S GOING TO GET WHAT

WHEN A VALUABLE RESOURCE IS FOUND?

SO, IT IS NOT THE CASE THAT THE AUTOMATIC RESPONSE

IS FOR PEOPLE TO SIT DOWN AND SAY, "OKAY, HOW DO WE DIVIDE UP

THE LOAF MOST EFFECTIVELY?"

[BAND PLAYING]

IT'S ACTUALLY A BREATH OF FRESH AIR.

VERY NICE, VERY NICE.

[MAN] WE'LL START WITH THE E.O. GROUP.

THE HOST OF THE E.O. GROUP, PLEASE.

WE HAVE MADE THE FIRST MAJOR OIL DISCOVERY IN THE COUNTRY,

AND I THINK WE DESERVE A LITTLE CREDIT FOR THAT.

[SCATTERED APPLAUSE]

I PERSEVERED, AND CAME HERE AND STOOD FIRM,

BECAUSE I BELIEVED THAT GHANA HAD OIL.

I'M GLAD THAT FINALLY

WE HAVE BEEN ABLE TO PULL THIS OFF FOR THE COUNTRY.

GOD BLESS YOU, GHANA.

[APPLAUSE]

[MAN] THANK YOU VERY MUCH, MR. OWUSU FOR THE E.O. GROUP.

[MUSIC PLAYING]

THE OPENING IS THE MOST WATCHED FINANCIAL EVENT ANYWHERE.

-YEAH. -AND WE TELL YOU

ABOUT 100 MILLION PEOPLE WILL SEE THIS.

-[MAN] WOW. -THIS PARTICULAR OPEN.

-DON'T MISS THE BUTTON. -IT'S AMAZING.

HE'S PRESSING IT!

IT'S AMAZING VISIBILITY SO WE'RE DELIGHTED TO HAVE YOU HERE.

YEAH, I KNOW, IT'S GREAT.

YOU READY TO HEAD UP? LET'S GO.

-YEAH. -LET'S DO IT.

[MAN] I'D WANT TO BECOME THE NEW BOSS.

I'D BE TRADING ALL THE TIME.

THIS KIND OF SUCKS.

[APPLAUSE]

YEAH, A GREAT DAY FOR GHANA AND KOSMOS.

YEAH, ABSOLUTELY.

[MAN] YOU HAVE SIX SECONDS,

FIVE, FOUR, THREE, TWO, ONE.

[CLANGING OF OPENING BELL]

[JEFFREY] THIS IS HOW THE SYSTEM WORKS.

AND IF YOU SUCCEED,

THEN YOU ACTUALLY CAN DEMONSTRATE

THAT YOU'VE CREATED SOMETHING.

YOU MAY HAVE BEEN THERE AT THE BIRTH OF A NEW ENTERPRISE.

AND EVEN WHEN THE FIRM NO LONGER HAS AN INVESTMENT

IN THAT ENTERPRISE, THE ENTERPRISE MAY STILL EXIST.

AND YOU'LL ALWAYS HAVE THE SATISFACTION

OF BEING A GODFATHER TO THAT SUCCESS.

I MEAN "GODFATHER" IN A POSITIVE SENSE,

LESS THAN THE DON CORLEONE SENSE.

AND THAT'S SELF-SERVING AS WELL,

BECAUSE IF YOU GENERATE A GOOD REPUTATION...

[OPENING BELL CLANGING]

...THEN IT WILL LEAD TO A BETTER DEAL FLOW

AND THE MOST MONEY COMING.

SO, REPUTATION IS EVERYTHING.

[BRIAN] WELL, I APPRECIATE THAT, GUYS.

[MAN] CONGRATULATIONS AGAIN.

THANKS VERY MUCH, WE REALLY APPRECIATE IT.

SO, WHAT TIME IS YOUR NEXT INTERVIEW?

-RIGHT HERE. -I KNOW, I KNOW.

[BRIAN] WHEN ONE STANDS UP THERE,

OH, YOU JUST SEE THE CAMERAS POINTING AT YOU.

[LAUGHING]

BUT, WHAT HITS YOU IS THE REALIZATION

OF WHAT YOU'VE ACHIEVED.

WE ACTUALLY ACHIEVED WHAT WE SET OUT TO DO.

WE WERE ABLE TO REALIZE THE FULL VALUE

OF THE ASSETS THAT WE'D CREATED.

YEAH, LONG-TERM, ABSOLUTELY, WE ARE BULLISH ON OUR PRICES.

FOR ME, THE NEW CHALLENGE IN KOSMOS

IS TAKING IT TO THE NEXT LEVEL.

THERE'S A LOT OF OIL STILL TO BE FOUND IN WEST AFRICA.

WHY AFRICA? WELL, LET'S ASK THE CEO,

HE'S STANDING RIGHT HERE, BRIAN MAXTED.

YOU NEGOTIATE WITH THE COUNTRIES THEMSELVES

TO GET THE RIGHTS TO DO THE EXPLORATION?

WE DO, WE TRY AND GET THAT FIRST.

WE TRY AND GO TO THOSE PLACES

THAT ARE OVERLOOKED OR MISUNDERSTOOD,

OR JUST SIMPLY WON'T PASS BY THE SUPER-MAJORS.

♪♪

The Description of Big Men