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Kosmos Energy Announces Redetermination of Borrowing Base

03/31/15 20:11 GMT

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

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 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.
Investor Relations
Neal Shah, 214-445-9628
Media Relations
Thomas Golembeski, 214-445-9674