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  • Kosmos Energy Announces Farm Down of a Portfolio of Exploration Assets to Shell for up to $200 Million
    édité le 10/09/2020 - Plus de news de "Kosmos Energy" - Voir la fiche entreprise de "Kosmos Energy"


Kosmos Energy Announces Farm Down of a Portfolio of Exploration Assets to Shell for up to $200 Million
Kosmos Energy has entered into an agreement with B.V. Dordtsche Petroleum Maatschappij (“Shell”), a wholly-owned subsidiary of Royal Dutch Shell PLC (LSE: RDSA), to farm down interests in a portfolio of frontier exploration assets for approximately $100 million, plus future contingent payments of up to $100 million.

Under the terms of the agreement, Shell will acquire Kosmos’ participating interest in blocks offshore São Tomé & Príncipe, Suriname, Namibia, and South Africa (the “Assets”). The consideration consists of an upfront cash payment of approximately $100 million, plus contingent payments of $50 million payable upon each commercial discovery from the first four exploration wells drilled across the Assets, capped at $100 million in aggregate. Three of the four wells are currently planned for 2021.

Kosmos plans to use up to one-third of the initial proceeds to test two high-quality infrastructure-led exploration prospects in the Gulf of Mexico, each offering hub scale potential with a low-cost, lower-carbon development scheme. The company expects to use the remainder of the proceeds to reduce borrowings outstanding under its credit facilities.

Andrew G. Inglis, Kosmos Energy’s chairman and chief executive officer said: “With this transaction, we are continuing to focus our exploration portfolio on proven basins that offer superior returns with shorter payback and significant resource potential. The proceeds enable Kosmos to accelerate high graded exploration opportunities while strengthening the balance sheet, positioning Kosmos to create additional shareholder value. The contingent payments locked into the agreement with Shell ensure we retain upside from frontier exploration with no further investment.”

Post completion of the transaction, Kosmos retains a focused exploration portfolio with over six billion barrels of gross resource potential in the Gulf of Mexico and West Africa. Kosmos also expects to realize approximately $125 million in total savings across capital expenditures and general and administrative expenses over the next two years as a result of the transaction.

Closing of the transaction is expected in the fourth quarter of 2020 with an effective date of September 1, 2020 and is subject to customary conditions including government approvals.

Kosmos will present at the virtual Barclays CEO Energy-Power Conference on Wednesday, September 9, 2020 and an updated slide presentation has been posted to Kosmos’ website this morning.

About Kosmos Energy

Kosmos (NYSE: KOS) (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 the Kosmos 2018 Corporate Responsibility Report.

About Royal Dutch Shell plc

Royal Dutch Shell plc is incorporated in England and Wales, has its headquarters in The Hague and is listed on the London, Amsterdam, and New York stock exchanges. Shell companies have operations in more than 70 countries and territories with businesses including oil and gas exploration and production; production and marketing of liquefied natural gas and gas to liquids; manufacturing, marketing and shipping of oil products and chemicals and renewable energy projects.


Origine : Communiqué Kosmos Energy

Voir la fiche entreprise de "Kosmos Energy"



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