Kosmos Energy To Increase Stake In Tano Block Offshore Ghana

To acquire an additional 4.05% participating interest in Deepwater Tano block offshore Ghana.

Kosmos Energy, Dallas, (NYSE: KOS) plans to acquire the participating interest of Ghana-based Sabre Oil & Gas Holdings Ltd. in the Deepwater Tano block offshore Ghana for $365 million.

The purchase includes with up to an additional $45 million contingent upon achieving certain performance milestones.

Pro forma, Kosmos’ interest in the Deepwater Tano block will increase from 18% to 22.05%. Kosmos’ interest in Jubilee Field will increase from 24.1% to 25.8%.

Kosmos president and chief executive Brian F. Maxted says, “This transaction adds existing production at Jubilee, enhances our stake in the next oil development offshore Ghana, and increases our exposure to the significant Deepwater Tano exploration program in 2012. We have great belief and confidence in the quality, value, and upside of our discoveries and the further potential of the Tano basin petroleum system.”

The deal is expected to close during the second quarter 2012.