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Kosmos Energy Announces Redetermination of Borrowing Base

Source: www.gulfoilandgas.com 3/31/2015, Location: Africa

Kosmos Energy Ltd. (Kosmos) announced that the borrowing base under its reserves-based lending facility has remained unchanged at $1.5 billion following its lenders’ semi-annual redetermination process. For the first time, the borrowing base calculation includes value related to the Tweneboa, Enyenra and Ntomme (TEN) development project in Ghana, as well as the Jubilee field. Total undrawn availability on the reserves-based lending facility remains $1 billion as of March 31, 2015.

“Growing reserves with healthy margins – even in a lower oil price environment – enabled Kosmos to maintain its considerable borrowing power under the credit facility. The quality of our Ghana assets supported the favorable outcome of the redetermination process,” said Thomas P. Chambers, senior vice president and chief financial officer. “Lenders’ inclusion of the TEN project in the redetermination process represents an important vote of confidence in our belief that Ghana ultimately will prevail in its maritime boundary arbitration with Cote d’Ivoire. With our liquidity re-affirmed, we remain well positioned financially to execute our exploration and development programs.”

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