News Release Details

Increases Kosmos’ Share in Jubilee Field

DALLAS--(BUSINESS WIRE)--Feb. 27, 2012-- Kosmos Energy (NYSE: KOS) announced today that it has exercised a right under the existing Joint Operating Agreement to acquire the participating interest of Sabre Oil & Gas Holdings Limited in the Deepwater Tano Block, offshore Ghana. The purchase price is estimated to be approximately $365 million, with up to an additional $45 million contingent upon achieving certain performance milestones. Following closing of the acquisition, Kosmos’ interest in the Deepwater Tano Block will increase from 18 percent to 22.05 percent. Kosmos’ interest in the Jubilee Field will increase from 24.1 percent to 25.8 percent.

Brian F. Maxted, President and Chief Executive Officer, stated, “We feel very fortunate to have an opportunity to grow our interest in what we believe are some of the most valuable assets in West Africa at a compelling price. This transaction adds existing production at Jubilee, enhances our stake in the next oil development offshore Ghana, and increases our exposure to the significant Deepwater Tano exploration program in 2012. We have great belief and confidence in the quality, value, and upside of our discoveries and the further potential of the Tano basin petroleum system.”

Closing of the transaction should occur in the second quarter of 2012, subject to a definitive transaction agreement, customary closing conditions and necessary government approvals. The Company anticipates funding the purchase price through a combination of cash on hand and borrowings. The effective date of the acquisition is January 1, 2012.

About Kosmos Energy

Kosmos Energy Ltd. is a leading independent oil and gas exploration and production company focused on frontier and emerging areas in Africa and South America. The Company’s asset portfolio includes existing production, major discoveries and exploration prospects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Morocco and Suriname and onshore Cameroon. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit www.kosmosenergy.com.

Forward-Looking Statements

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 the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. The Company’s 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 the Company 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 the Company. 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 the Company, 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 the Company’s Securities and Exchange Commission (“SEC”) filings. The Company’s SEC filings are available on the Company’s website at www.kosmosenergy.com. 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

Kosmos Energy Ltd.
Investor Relations
Brad Whitmarsh, +1-214-445-9772
bwhitmarsh@kosmosenergy.com