Kosmos Energy to sell Equatorial Guinea assets for up to $219.5m

25th Feb 2026 09:54

(Sharecast News) - Kosmos Energy said on Wednesday that it has agreed to sell its 40.4% non-operating working interest in the Ceiba Field and Okume Complex production assets offshore Equatorial Guinea to Panoro for up to $219.5m.

Panoro will buy the Kosmos subsidiary that owns an interest in Block G where the Ceiba and Okume production assets are located.

The price consists of an upfront cash payment of $180m, plus contingent payments of $12.5m linked to production performance at the Ceiba field and $9m payable in each of 2027, 2028 and 2029, subject to certain oil price and production thresholds.

Over the two-year period post completion, Kosmos expects to realise around $100m in total savings across capital expenditures and general and administrative expenses.

Chairman and chief executive Andrew G. Inglis said: "This transaction reflects our continued focus on capital discipline and balance sheet resilience. 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."

At 0950 GMT, the shares were up 9.2% at 172p.

Kosmos Energy is a deepwater exploration and production company with diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America.