Panoro Energy ASA

Kosmos Energy has completed the sale of its interests in the Ceiba Field and Okume Complex in Equatorial Guinea to Panoro Energy. The transaction resulted in a final cash payment of approximately $127 million, with the potential for an additional $40 million in contingent payments based on future oil prices and production levels. Proceeds will be used to pay down debt under the company's reserves-based lending facility, and the divestment removes a $140 million asset retirement obligation from its balance sheet. Kosmos plans to release updated full-year 2026 guidance during its second-quarter earnings announcement in August.

Kosmos Energy has finalized the sale of its non-operating interests in the Ceiba field and Okume Complex offshore Equatorial Guinea to Panoro Energy. Kosmos received a final cash payment of $127 million after post-closing adjustments, part of an upfront amount of $180 million, and may earn additional contingent payments of $12.5 million tied to Ceiba production targets and $9 million annually in 2027, 2028, and 2029 if oil prices and production thresholds are met. The divested assets contributed nearly 5,800 barrels of oil per day net to Kosmos in 2026, and the transaction removes a $140 million asset retirement obligation from its balance sheet. Kosmos plans to use the proceeds to pay down borrowings under its reserves-based lending credit facility, strengthening its financial flexibility while focusing on core deepwater assets in Ghana, Mauritania, Senegal, and the Gulf of America. Panoro Energy, which previously held a 14.25% interest in Block G, increases its stake to 54.625% through the acquisition.