Deepwater exploration and production company Kosmos Energy (KOS) has reached closure on the sale of its stakes in assets in offshore Equatorial Guinea to UK-based Panoro Energy, it said in a statement on Wednesday.
Closing adjustments for the sale of the stakes in the Ceiba Field and Okume Complex oil production assets in Block G reflect cash received from the assets in H1, 2026 up to completion on June 16.
Future contingent payments of up to about $40 million will be dependent upon oil price and production thresholds, it said.
Transaction proceeds will be used to repay loans made under the company's reserves-based lending facility, it said.
Kosmos Energy's statement described the transaction as beneficial to both parties, entailing the divestment of high unit operating cost production for Kosmoswhile giving it ongoing exposure to future upside from the assets.
Kosmos said it would update its full-year 2026 guidance in its second quarter results in August. Year-to-date production has been around 5,800 barrels of oil per day net to Kosmos, the statement said. It will also remove an asset retirement obligation liability of about $140 million from its balance sheet.