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153.00 -11.00 (-6.55%)

Bid:

153.00

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Spread: 8.00 (5.229%)

Market Cap: £907.58m

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Kosmos Energy reports "significant progress" across financing areas

Wed, 01st Oct 2025 11:54

(Alliance News) - Kosmos Energy Ltd on Wednesday said it has secured additional liquidity and further downside financing protection in 2026.

The Africa-focused oil & gas firm reported the completion of its semi-annual redetermination of its reserve-based lending facility, noting a borrowing base in excess of the USD1.35 billion facility size.

The company said this reflects both the "quality and resilience" of the assets underpinning the facility. Kosmos said it remains in full compliance with the liquidity and financing covenants under the facility.

On Thursday last week, subsidiary Kosmos Energy Gulf of Mexico Operations LLC entered a senior secured term loan facility worth up to USD250 million with Shell Trading (US) Co, an energy trading business of London-based oil major Shell PLC.

Kosmos said it has issued a partial redemption regarding USD150 million of its 2026 notes, with this to be funded by the first tranche of the facility. It expects the redemption to occur on Monday next week, with the remaining USD100 million to be paid off ahead of the maturity date.

Kosmos also reported progress with securing downside protection, with it taking advantage of the recent uptick in oil prices to add more hedging for next year.

The company said it has 8.5 million barrels of oil hedged for 2026, possessing an average floor price of USD66 per barrel.

Shares in Kosmos Energy were flat at 123.00 pence on Wednesday morning in London.

"In recent weeks, we have made significant progress across several financing areas, proactively securing additional liquidity and more downside protection in 2026 through our rolling hedging program at attractive prices," said Chief Financial Officer Neal Shah.

"We were pleased to complete the fall redetermination and confirm that we continue to be in compliance with all of our RBL obligations and I would like to thank our bank group for their continued support. As we enter the fourth quarter, Kosmos will continue to prioritize the financial resilience of the company through the organic delivery of free cash flow from our high-quality assets and disciplined capital expenditure program," continued Shah.

By Christopher Ward, Alliance News reporter

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