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  • Kosmos Energy Acquires Additional Ghana Interests for $550 Million
    édité le 15/10/2021 - Plus de news de "Kosmos Energy" - Voir la fiche entreprise de "Kosmos Energy"


Kosmos Energy Acquires Additional Ghana Interests for $550 Million
Kosmos Energy announced that it has acquired an additional 18.0% interest in the Jubilee field and an additional 11.0% interest in the TEN fields in Ghana from Occidental Petroleum (OXY) for a purchase price of $550 million with an effective date of April 1, 2021. Consideration due to OXY at completion was approximately $460 million after taking into account closing adjustments.

Key Highlights

   - Accelerates Kosmos’ strategic delivery
     . Delivers near-term cash generation from high-margin oil with the acquired assets expected to generate ~$1 billion of free cash flow by year-end 2026 at $65/barrel Brent
     . Underpins transition to balanced oil and gas portfolio
   - Acquiring assets at a compelling valuation
     . 2P reserves expected to deliver ~3x purchase price at $65/barrel Brent
     . Simplified partnership with the aligned objective to maximize the value of the assets
     . Limited integration risk or incremental G&A costs
   - Highly accretive across all key metrics
     . Attractive acquisition price drives significant net asset value accretion
     . Cash consideration equivalent to ~1.4x 2022E EBITDAX of the assets being acquired at $65/barrel Brent
     . Expected payback of less than 3 years at $65/barrel Brent
     . Resilient at lower oil prices with all key metrics accretive at $45/barrel Brent
   - Enhances free cash flow and accelerates de-leveraging
     . Significant free cash flow generation expected to accelerate de-leveraging (targeting less than 2.0x net debt/EBITDAX by year-end 2022 at $65/barrel Brent) and fund remaining Tortue capital expenditure to first gas
   - Supports Kosmos’ ESG agenda
     . Growing investment in Africa aligned with Kosmos’ objective to support the “Just Transition” and deliver tangible economic and social benefits in Ghana
     . Partnership working to drive down CO2 emissions and enabling development of gas resources to provide lower cost, lower carbon power

Andrew G. Inglis, Chairman and Chief Executive Officer of Kosmos said: “This is a compelling transaction for Kosmos that accelerates our strategic delivery and is expected to provide long-term sustainable cash flow from fields where we have a deep understanding of the value and future upside.

We expect the additional Ghana interests to generate around $1 billion of incremental free cash flow by the end of 2026 at $65 Brent with upside given current prices. We plan to use the additional cash flow from these assets to reduce absolute debt levels and fund our growth in LNG.

Financially, the transaction is highly accretive across all key metrics, including free cash flow, and accelerates our committed path to deleveraging the balance sheet. With significant net asset value accretion for the company, we believe that this transaction will deliver substantial returns to our shareholders.

The transaction creates a simplified and aligned partnership in both the Jubilee and TEN fields, with both Kosmos and GNPC increasing their ownership. The partnership is committed to investing in both fields to maximize the value of the assets and reduce the carbon intensity of operations for the benefit of all stakeholders.”

Interests acquired

Kosmos has acquired an additional 18.0% interest in the Jubilee field and an additional 11.0% interest in the TEN fields in Ghana. This transaction increases Kosmos’ interests in Jubilee to 42.1% and in TEN to 28.1%. The transaction is subject to a 30-day pre-emption period, which, if fully exercised, could reduce Kosmos’ ultimate interest in Jubilee by 3.8% to 38.3%, and in TEN by 8.3% to 19.8%. Prior to closing the transaction, OXY resolved certain historical tax claims related to the sold interests.

Using Kosmos’ year-end 2020 reserves report, prepared by independent reserve auditor Ryder Scott, estimated 2P reserves being acquired as part of today’s transaction were approximately 104 million barrels of oil equivalent at year-end 2020. The assets being acquired have a proved and probable (2P) post-tax NPV10 valuation of around $1.6 billion1. The acquired assets are currently producing approximately 17,000 barrels of oil per day net and are expected to generate approximately $325 million of EBITDAX in 2022 at $65 Brent.

Kosmos has worked closely with the operator and joint venture partners in 2021 to drive higher reliability and improve operational performance in Ghana. Significant progress has been made with new wells delivering higher production, high levels of FPSO uptime, near-record water injection and materially higher gas offtake.

About Kosmos Energy

Kosmos (NYSE/LSE: KOS) is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in our Corporate Responsibility Report.

About Occidental

Occidental (NYSE:OXY) is an international energy company with assets in the United States, Middle East, Africa and Latin America. We are one of the largest oil producers in the U.S., including a leading producer in the Permian and DJ basins and offshore Gulf of Mexico. Our midstream and marketing segment provides flow assurance and maximizes the value of our oil and gas. Our chemical subsidiary OxyChem manufactures the building blocks for life-enhancing products. Our Oxy Low Carbon Ventures subsidiary is advancing leading-edge technologies and business solutions that economically grow our business while reducing emissions. We are committed to using our global leadership in carbon management to advance a lower-carbon world.


Origine : Communiqué Kosmos Energy

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