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