Fitch changes Kosmos Energy to positive

Fitch Ratings said it revised Kosmos Energy Ltd.'s outlook to positive from stable and affirmed the issuer default rating at B and the secured notes at B with a recovery rating of RR4.

Fitch said the outlook revision reflects greater asset diversification and higher oil and gas production following the start of the TEN field and acquisition of acreage in Equatorial Guinea.

“We expect production of 40-45mboepd in 2017-2019 compared to 19mboepd in 2016. Kosmos has also successfully farmed out its assets in Mauritania and Senegal to BP (A/Stable). In addition to the purchase price consideration already received, Kosmos has gained a strong partner in developing the Tortue field, which contains an estimated 15tcf of gas,” the agency said in a news release.

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