DALLAS--(BUSINESS WIRE)--Mar. 31, 2015--
Kosmos Energy Ltd. (“Kosmos”) (NYSE: 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 Kosmos 2013
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.
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that Kosmos expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Kosmos’ estimates and forward-looking statements are
mainly based on its current expectations and estimates of future events
and trends, which affect or may affect its businesses and operations.
Although Kosmos believes that these estimates and forward-looking
statements are based upon reasonable assumptions, they are subject to
several risks and uncertainties and are made in light of information
currently available to Kosmos. When used in this press release, the
words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or
other similar words are intended to identify forward-looking statements.
Such statements are subject to a number of assumptions, risks and
uncertainties, many of which are beyond the control of Kosmos, which may
cause actual results to differ materially from those implied or
expressed by the forward-looking statements. Further information on such
assumptions, risks and uncertainties is available in Kosmos’ Securities
and Exchange Commission (“SEC”) filings. Kosmos undertakes no
obligation and does not intend to update or correct these
forward-looking statements to reflect events or circumstances occurring
after the date of this press release, except as required by applicable
law. You are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
press release. All forward-looking statements are qualified in their
entirety by this cautionary statement.
Source: Kosmos Energy Ltd.
Kosmos Energy Ltd.
Neal Shah, 214-445-9628
Thomas Golembeski, 214-445-9674