Kosmos Energy has completed the sale of its interests in the Ceiba Field and Okume Complex production assets in Block G offshore Equatorial Guinea to Panoro Energy, as the company continues to streamline its portfolio and strengthen its balance sheet.
The final cash consideration at completion was approximately $127 million following post-closing adjustments. The adjustments reflected cash generated by the assets during the first half of 2026 up to the transaction's completion on June 16, 2026.
The deal also includes potential contingent payments of up to approximately $40 million tied to future oil price and production performance thresholds.
Kosmos said proceeds from the transaction will be used to repay borrowings under its reserves-based lending credit facility.
The divestment removes producing assets that contributed around 5,800 barrels of oil per day net to Kosmos during 2026 prior to completion. The transaction will also remove an asset retirement obligation liability of approximately $140 million from the company's balance sheet.
“We are pleased to have closed this transaction, a win-win for Kosmos and Panoro. For Kosmos, the transaction high grades our portfolio by divesting high unit operating cost production and increases balance sheet resilience, with retained exposure to future upside from the assets. Strategically, it also enables Kosmos to focus our capital and expertise on our world-class assets where we can add the most value for our stakeholders over the long-term,” said Andrew Inglis, chairman and chief executive officer of Kosmos Energy.
The sale marks another step in Kosmos' strategy of concentrating capital on its core deepwater assets while improving financial flexibility.
The company maintains a portfolio of offshore oil and gas assets across Ghana, Mauritania, Senegal and the Gulf of America.