Kosmos Energy, a U.S.-based oil and gas company, 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 for approximately $127 million.
The company said it also expects future contingent payments of up to approximately $40 million, subject to certain oil price and production thresholds.
In a statement, Kosmos Energy said the proceeds from the transaction will be used to repay borrowings under the company’s reserves-based lending (RBL) credit facility.
Kosmos Energy Chairman and Chief Executive Officer, Andrew G. Inglis, 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, while retaining 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 would like to thank CEMAC and the Government of Equatorial Guinea for their timely approvals.”
To reflect the impact of the completed sale, Kosmos said it will provide updated full-year 2026 guidance with its second-quarter results in August.
The company added that year-to-date production from the assets has averaged around 5,800 barrels of oil per day net to Kosmos.
An asset retirement obligation liability of approximately $140 million will also be removed from the balance sheet.
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