Kosmos Energy announced that it has received notice from Tullow Oil plc and PetroSA that they intend to exercise their pre-emption rights in relation to the sale of Occidental Petroleum’s interests in the Jubilee and TEN fields in Ghana to Kosmos, announced October 13, 2021.

The exercise of pre-emption rights is subject to finalizing definitive agreements with Kosmos/Anadarko WCTP Company and requires approval from GNPC and the Ghanaian Ministry of Energy. If completed, Kosmos’ ultimate interest in Jubilee would be reduced by 3.8% to 38.3% (Kosmos retains ~80% of the original acquired interest), and Kosmos’ ultimate interest in TEN would be reduced by 8.3% to 19.8% (Kosmos retains ~25% of the original acquired interest).

Consideration due to Kosmos would be approximately $150 million based on the headline purchase price of $550 million and is subject to certain closing adjustments. Kosmos would anticipate using any potential proceeds to accelerate debt repayment.

If pre-emption is completed, Kosmos will provide a further update to the market in due course.

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.