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Kosmos Energy Completes Sale of Interests in Equatorial Guinea Production Assets to Panoro Energy

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Kosmos Energy (KOS) said Wednesday it completed the sale of its interests in the Ceiba Field and Okume Complex production assets in Block G offshore Equatorial Guinea to Panoro Energy.

The final cash consideration of the sale amounted to about $127 million. The company expects future contingent payments of up to roughly $40 million, subject to certain oil price and production thresholds.

Kosmos intends to use the proceeds from the sale to repay borrowings under its reserves-based lending credit facility.

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