REG - Kosmos Energy Ltd - Ghana License Extensions and Trading Update

Kosmos EnergyAnnouncement

20/02/2026 07:00

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RNS Number : 7478T  Kosmos Energy Limited  20 February 2026

 

 

 NEWS RELEASE

 

KOSMOS ENERGY ANNOUNCES RATIFICATION OF GHANA LICENSE EXTENSIONS BY PARLIAMENT
AND PROVIDES TRADING UPDATE

 

Dallas -February 20, 2026 - Kosmos Energy (NYSE/LSE: KOS) ("Kosmos" or the
"Company") is pleased to confirm that the license extensions for the
West Cape Three Points and Deepwater Tano Petroleum Agreements, which cover
the Jubilee and TEN fields in Ghana, have been formally ratified by the
Ghanaian parliament. The licenses now extend to 2040.

 

The license extensions bring key benefits to Ghana including up to $2 billion
in incremental investment as well as higher volumes of affordable gas from the
fields for domestic power generation. Kosmos is pleased to have played a
leading role in progressing, negotiating and executing these extensions. As
part of the extensions, the amended Jubilee plan of development will include
up to 20 additional wells in the field and, as a result, Kosmos expects to
realize an increase in Jubilee 2P reserves.

 

At the Jubilee field, the J74 well that came online in early January is now
fully ramped up. Gross daily production from the well is ~13,000 barrels of
oil per day (bopd), increasing average gross Jubilee oil production to over
70,000 bopd in February month-to-date, in line with Kosmos expectations. The
first well of the five-well 2026 drilling campaign, J75, has been drilled,
encountering approximately 40 meters of net pay. J75 is expected to be
completed in three zones, similar to the J74 and J72 wells, and is expected
online around the end of the first quarter.

 

At the TEN fields, the partnership has signed this week a sale and purchase
agreement (SPA) to acquire the floating production, storage and offloading
vessel (FPSO) for a gross consideration of $205 million (~$40 million net to
Kosmos) to be paid upon completion at the end of the first quarter of 2027.
Signing of the SPA is expected to result in material operating expense
reductions in 2026 onwards.

 

In Mauritania and Senegal, Phase 1 of the Greater Tortue Ahmeyim (GTA) LNG
project shipped 3.5 gross LNG cargos in January. The field has averaged
production of ~2.9 million tonnes per annum (mtpa) equivalent (vs. 2.7 mtpa
nameplate capacity) year-to-date, highlighting the continued strong operating
performance of the asset.

 

On the financial side of the business, in January, Kosmos successfully
completed a $350 million Norwegian bond that was well supported by both
existing and new investors. Kosmos used $100 million to repay borrowings under
the Reserve Base Lending (RBL) facility with the remainder to be used to
repurchase Kosmos' 2027 senior unsecured notes.  The company has also started
to hedge 2027 production with two million barrels of oil hedged with a floor
of $60/barrel.

 

Andrew G. Inglis, Kosmos Energy's chairman and chief executive officer said:
"Parliamentary ratification of the license extensions in Ghana marks an
important milestone for the country, and Kosmos is proud to have led the work
with the Government of Ghana to execute these agreements. Jubilee is a
world‑class oil field with significant remaining potential that can be
unlocked through continued investment, regular drilling and high facility
reliability, supported by the latest seismic acquisition and processing
technologies.

 

"As the partnership advances the current drilling program, Jubilee production
continues to rise in line with our expectations. With Jubilee output exceeding
70,000 bopd and GTA producing above nameplate capacity, Kosmos' total
production has reached record levels."

 

"This improved performance, combined with the financial progress we are
making, strengthens the resilience of the company and ensures we are well
positioned to create long‑term value for our shareholders."

 

 

About Kosmos Energy

 

Kosmos Energy is a leading deepwater exploration and production company
focused on meeting the world's growing demand for energy. We have diversified
oil and gas production from assets offshore Ghana, Equatorial
Guinea, Mauritania, Senegal and the Gulf of America. Additionally, in the
proven basins where we operate, we are advancing high-quality development
opportunities, which have come from our exploration success. Kosmos is listed
on the NYSE and LSE and is traded under the ticker symbol KOS. 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 Sustainability Report. 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 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.

 

 

Investor Relations
Jamie Buckland

 +44 (0) 203 954 2831

jbuckland@kosmosenergy.com

 

Media Relations
Thomas Golembeski

 +1-214-445-9674

tgolembeski@kosmosenergy.com

 

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