Kosmos Energy, GNPC and Ghana Governmet Amicably Resolve Issues Among Them

Kosmos Energy announced today that the company, the government of Ghana and the Ghana National Petroleum Corporation (GNPC) have signed an agreement to amicably resolve several issues that have existed among them.

The resolution of the issues includes settlement regarding data, as well as matters related to Kosmos’ debt facility and its corporate structure. Additionally, the Attorney General of Ghana has formally confirmed that Kosmos will not be the subject or party to any criminal or judicial actions in Ghana for events prior to such confirmation. Separately, Kosmos and the Ministry of Science, Environment and Technology have agreed to a solution with respect to the accidental mud discharges offshore Ghana earlier this year whereby Kosmos would support the Ministry’s efforts to build capacity in the environmental sector.

The agreement was signed by Dr. Joe Oteng-Adjei, Minister for Energy; Ato Ahwoi, Chairman of GNPC; and Brian F. Maxted, Kosmos Chief Operating Officer, in Accra following the official Jubilee Field “first oil” celebration.

“With first oil from the Jubilee Field flowing and these issues behind us, the government, GNPC and Kosmos have reaffirmed their positive and forward-looking relationship,” said Maxted.

“We anticipate significant on-going capital investment in Ghana as we seek to expand and develop our oil and gas discoveries on the West Cape Three Points and Deepwater Tano licenses. This agreement with the Ghanaian government and GNPC validates our business strategy of investment in Africa. With the cooperation and support of host nations, we can maximize hydrocarbon resource potential for the benefit of the people,” Maxted added.

 

Jubilee Unit Ownership Interest

Kosmos Energy is the Technical Operator for Development of the Jubilee Unit and holds a 23.491% interest. An affiliate of Tullow Oil plc (LSE: TLW) is the unit operator and has a 34.705% interest. Other unit interest holders include a subsidiary of Anadarko Petroleum Corporation (NYSE: APC) with 23.491%; Sabre Oil & Gas Holdings Limited with 2.813%; E.O. Group Limited with 1.750%; and Ghana National Petroleum Corporation (GNPC) with 13.750%.

West Cape Three Points Block Ownership Interest

Kosmos Energy is the operator of the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation has a 30.875% interest; an affiliate of Tullow Oil plc has a 22.896% interest; E.O. Group Limited has a 3.5% interest; Sabre Oil & Gas Holdings Limited has a 1.854% interest; and GNPC has a 10% carried interest.

Deepwater Tano Block Ownership Interest

Kosmos holds an 18% interest in the Deepwater Tano Block. An affiliate of Tullow Oil plc operates the block with a 49.95% interest. An affiliate of Anadarko Petroleum Corporation has an 18% interest; Sabre Oil & Gas Holdings Limited has a 4.05% interest; and GNPC has a 10% carried interest.

About Kosmos Energy:

Kosmos Energy is a privately held international oil exploration and production company with a focus in West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects.

Source:  Businesswire, December 20, 2010; Image2: Tullow Oil

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