Kosmos Energy Provides Operational and Financial Update

Core Viewpoint - Kosmos Energy has provided an operational and financial update, highlighting successful drilling activities in Ghana, progress in the GTA LNG project, and financial maneuvers to manage debt obligations. Operational Update - In Ghana, the J-74 well in the Jubilee field development has been successfully drilled, expected to produce over 10,000 barrels of oil per day (bopd), contributing to a gross production rate of nearly 70,000 bopd at the start of 2026 [2] - The average gross production from the Jubilee field in Q4 2025 was approximately 59,000 bopd, with a projected base decline of about 5% quarter over quarter [2] - The partnership has approved five additional wells for 2026, including four producers and one injector, with drilling for the next producer already commenced [2] - The Ghanaian government has approved license extensions for the West Cape Three Points and Deep Water Tano Petroleum Agreements, extending them to 2040, with an increase in Ghana National Petroleum Corporation's (GNPC) share starting July 2036 [3] - The Jubilee plan of development has been amended to include up to 20 additional wells, leading to an expected increase in 2P reserves [3] - The TEN partnership has agreed on terms to acquire the TEN FPSO at the end of its lease in 2027, which is anticipated to reduce operating costs and improve leverage in 2026 [4] LNG Project Update - In Mauritania and Senegal, the GTA LNG project has ramped up to nameplate capacity of 2.7 million tonnes per annum (mtpa) in December 2025, with peak production reaching approximately 3.0 mtpa [5] - A total of 18.5 gross LNG cargos and one condensate cargo were lifted in 2025, with expectations for cargo liftings to nearly double in 2026 due to improved performance [5] Financial Update - A borrowing notice for a $100 million draw on the second tranche of the Gulf of America Term Facility was submitted on January 2, 2026, alongside a notice of redemption for remaining 2026 unsecured notes, expected to be redeemed on January 13, 2026 [6] - The company is looking to refinance its 2027 debt maturities, with RBL banks agreeing to a waiver for new secured financing, benefiting from existing subordinated guarantees [6]