Kosmos Energy could receive $150 million, anticipates repaying debt

Chicago, Nov. 11 – Kosmos Energy Ltd. received notice from Tullow Oil plc and PetroSA that they intend to exercise their pre-emption rights in relation to the sale of Occidental Petroleum’s interests in two fields in Ghana to Kosmos, announced Oct. 13.

Should this happen, Kosmos would receive approximately $150 million on the headline purchase price of $550 million, subject to certain closing adjustments, according to a press release.

Kosmos anticipates using any potential proceeds to accelerate debt repayment.

The exercise of the pre-emption rights is subject to finalizing definitive agreements and approval from GNPC and the Ghanian Ministry of Energy.

Kosmos is a Houston-based deepwater energy exploration and production company.

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