KOS News & Events

Kosmos Energy has entered into an agreement to sell its 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets offshore Equatorial Guinea to Panoro Energy for $180 million, plus future contingent payments of up to $39.5 million. Under the terms of the agreement, Panoro will acquire the Kosmos subsidiary that owns an interest in Block G where the Ceiba and Okume production assets are located (the "Assets"). The consideration consists of an upfront cash payment of $180 million, subject to certain adjustments, plus contingent payments of $12.5 million linked to production performance at the Ceiba field and $9 million payable in each of 2027, 2028 and 2029, which are subject to certain oil price and production thresholds.

Kosmos confirmed that the license extensions for the West Cape Three Points and Deepwater Tano petroleum agreements, which cover the Jubilee and Ten fields in Ghana, have been formally ratified by the Ghanaian parliament. The licenses now extend to 2040. The license extensions bring up to $2B in incremental investment as well as higher volumes of gas from the fields for domestic power generation. As part of the extensions, the amended Jubilee plan of development will include up to 20 additional wells in the field and, as a result, Kosmos expects to realize an increase in Jubilee 2P reserves. At the Jubilee field, the J74 well that came online in early January is now fully ramped up. Gross daily production from the well is approximately 13,000 barrels of oil per day, increasing average gross Jubilee oil production to over 70,000 bopd in February month-to-date, in line with Kosmos expectations. The first well of the five-well 2026 drilling campaign, J75, has been drilled, encountering approximately 40 meters of net pay. J75 is expected to be completed in three zones, similar to the J74 and J72 wells, and is expected online around the end of the first quarter.