Kosmos Energy has agreed to sell its 40.375% non-operating working interest in the Ceiba Field and Okume Complex offshore Equatorial Guinea to Panoro Energy in a transaction valued at up to $219.5 million, the company announced.
Under the deal’s terms, Panoro will acquire the Kosmos subsidiary holding an interest in Block G, where the Ceiba and Okume production assets are located. The upfront cash consideration stands at $180 million, subject to certain adjustments, with contingent payments of $12.5 million tied to production performance at the Ceiba field, plus $9 million payable annually in 2027, 2028 and 2029 — subject to oil price and production thresholds.
The transaction, which carries an effective date of January 1, 2025, has already received government approval from Equatorial Guinea and is expected to close mid-year 2026, pending final CEMAC regulatory clearance. Proceeds will be directed toward reducing borrowings under the company’s reserves-based lending (RBL) credit facility, with Kosmos projecting approximately $100 million in combined capital expenditure and administrative savings in the two years following close.
“This transaction reflects our continued focus on capital discipline and balance sheet resilience,” said Andrew G. Inglis, Kosmos Energy’s chairman and chief executive officer. “The high-grading of the portfolio by accelerating the monetization of later-life, non-operated production assets 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. The proceeds from the transaction enhance liquidity and accelerate debt reduction, while the contingent payments ensure we retain exposure to future upside.”
Source: energy-pedia.com