Kosmos Energy has provided an update on activities across its portfolio:
In Ghana, the third well of the 2026 campaign, J76, was completed and came online in mid-June, two weeks later than initially planned. Initial production rates have been very strong with the new well, which benefits from the latest seismic and Kosmos' reservoir modelling, contributing approximately 20,000 barrels of oil per day (bopd) to gross production. Jubilee production in the second quarter 2026 was approximately 72,000 bopd with an exit rate above 85,000 bopd.
The next well in the program, J77, has been completed and production is expected imminently. This well is expected to take gross Jubilee production to approximately 90,000 bopd. The final producer well (J50) is a completion of a previously drilled well and is expected online around the end of July. To complete this year's drilling program, a water injector well is expected online around the end of the third quarter, which will prepare the northeastern area of Jubilee for the 2027/2028 drilling program. Two full Jubilee cargo liftings and one TEN lifting took place in the second quarter, in line with guidance. A third Jubilee cargo began lifting on the last day of the quarter and was completed on July 2.
In Mauritania and Senegal, the Greater Tortue Ahmeyim (GTA) LNG project continues to perform strongly with nine LNG cargos lifted in the second quarter, at the upper end of guidance. A condensate cargo was also lifted during the second quarter.
In the Gulf of America, post the sanction of Tiberius in March, the farm down continues to make good progress, with completion expected in the third quarter.
In Equatorial Guinea, the completion of the sale of the Ceiba and Okume assets to Panoro Energy took place on June 16, 2026. From this date until quarter end, no further production has been recognized from these assets, removing approximately 1,000 barrels of oil per day from second quarter production guidance. Full year guidance will be updated to reflect the disposal with the second quarter results in August.
On the finance side, net debt at the end of the second quarter fell to approximately $2.56 billion, a drop of over $400 million since year-end 2025, driven by proactive debt reduction initiatives as well as free cash flow. The company remains on track to deliver a reduction in net debt of around 20% year-on-year by the end of 2026. Liquidity at quarter end was in excess of $500 million and discussions with our bank group are expected to begin shortly to re-finance and extend the maturity of the reserve-based lending facility.
Andrew G. Inglis, Kosmos Energy's chairman and chief executive officer said: 'We continue to execute on the key priorities I outlined with our full year results in early March - growing production, reducing costs and paying down debt. Initial results from the 2026 Ghana drilling program, in particular J76, highlight the potential of Jubilee with high-impact wells, supported by both modern seismic and enhanced reservoir modelling. With strong operational and financial performance in the first half of the year, we remain well placed to deliver our targets for the year.'
Source: Kosmos Energy
