Kosmos, Galp agree to offshore São Tomé and Príncipe farm-out
Nov. 7, 2016
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%)
