Enhances portfolio, high grades capital allocation, lowers costs and enhances liquidity
Kosmos Energy has announced the completion of the sale of its interests in the Ceiba Field and Okume Complex production assets in Block G offshore Equatorial Guinea to Panoro Energy.
The final cash consideration on completion, post-closing adjustments, was approximately $127 million. The closing adjustments reflect the cash received from the assets in the first half of 2026 to completion on June 16, 2026. Future contingent payments of up to ~$40 million are subject to certain oil price and production thresholds.
The transaction proceeds will be used to repay borrowings under the Company’s reserves-based lending (RBL) credit facility.
Andrew G. Inglis, Kosmos Energy’s chairman and chief executive officer said: 'We are pleased to have closed this transaction, a win-win for Kosmos and Panoro. For Kosmos, the transaction high grades our portfolio by divesting high unit operating cost production and increases balance sheet resilience, with retained exposure to future upside from the assets. Strategically, it also enables Kosmos to focus our capital and expertise on our world-class assets where we can add the most value for our stakeholders over the long-term. We’d like to thank CEMAC and the Government of Equatorial Guinea for their timely approvals.'
To reflect the impact of the sale completion, Kosmos will provide updated full year 2026 guidance with its second quarter results in August. Production year-to-date has been around 5,800 barrels of oil per day net to Kosmos. An asset retirement obligation liability of around $140 million will also be removed from the balance sheet.
Source: Kosmos Energy
