Exploration & Production | Finance & Investing | Capital Markets | Private Equity Activity
Kosmos Energy Maintains Borrowing Base
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Kosmos Energy Ltd. reported that the borrowing base under its reserves-based lending facility has remained unchanged at $1.5 billion following its lenders’ semi-annual redetermination process. For the first time, the borrowing base calculation includes value related to the Tweneboa, Enyenra and Ntomme (TEN) development project in Ghana, as well as the Jubilee field. Total undrawn availability on the reserves-based lending facility remains $1 billion as of March 31, 2015.
Thomas P. Chambers, senior vice president and chief financial officer, commented: "Growing reserves with healthy margins – even in a lower oil price environment – enabled Kosmos to maintain its considerable borrowing power under the credit facility. The quality of our Ghana assets supported the favorable outcome of the redetermination process. Lenders’ inclusion of the TEN project in the redetermination process represents an important vote of confidence in our belief that Ghana ultimately will prevail in its maritime boundary arbitration with Cote d’Ivoire. With our liquidity re-affirmed, we remain well positioned financially to execute our exploration and development programs."