Offshore staff
DALLAS– Kosmos Energy has reached an agreement with SGPS S.A., a subsidiary of Galp Energia, to farm out a 20% non-operated stake of its interest in blocks 5, 11, and 12 offshore São Tomé and Príncipe.
Based on the terms of the agreement, Galp will pay a proportionate share of Kosmos’ past costs in the form of a partial carry on the 3D seismic survey expected to begin in 1Q 2017.
The transaction is expected to close before year-end, subject to government approval and other customary closing conditions.
Kosmos will remain the operator of every block, and the consortia will be as follows:
Block | Galp interest | Partners |
Block 5 | 20% | Kosmos Energy (45%); Equator (20%); and ANP (15%) |
Block 11 | 20% | Kosmos Energy (65%); and ANP (15%) |
Block 12 | 20% | Kosmos Energy (45%); Equator (22.5%); and ANP (12.5%) |
11/07/2016
