Kosmos Energy Ltd. (“Kosmos”) (KOS) announced today 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.”
About Kosmos Energy
Kosmos Energy is a leading independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin. Our assets include existing production and other major development projects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Ireland, Mauritania, Morocco (including Western Sahara), Portugal, Senegal and Suriname. As an ethical and transparent company, Kosmos is committed to doing things the right way. The company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos2013 Corporate Responsibility Report. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit www.kosmosenergy.com.