Kosmos Energy has signed definitive documentation to increase its project finance debt facilities by US$350 million, raising the total amount of its debt commitments to US$1.25 billion. The funds will support Kosmos' share of Jubilee Field phase one development, appraisal of additional discoveries, and ongoing exploration activities on the West Cape Three Points Block and adjacent Deepwater Tano Block offshore Ghana.

The US$350 million of debt adds US$250 million to Kosmos' senior facility for a total of US$1 billion and US$100 million to the company's junior facility for a total of US$250 million. The additional amounts include commitments from Standard Chartered Bank, BNP Paribas SA, Société Générale, Crédit Agricole Corporate & Investment Bank, Credit Suisse International, Citibank, N.A., Natixis, HSBC Bank and FirstRand Bank Limited.

'We are pleased that we have expanded our project finance debt facilities. This will ensure Kosmos is fully funded to execute our development and predevelopment plans, as well as pursue our aggressive appraisal and exploration program underway in Ghana,' said W. Greg Dunlevy, Kosmos Executive Vice President and Chief Financial Officer. 'Additionally, we believe this achievement demonstrates the continuing strong support of the international financial community, including development institutions such as the IFC and AFC, for Kosmos' plans to remain in Ghana. Since Kosmos' founding in 2003, we have raised nearly US$2.3 billion in capital to develop, appraise and explore these assets and build a strong Africa-focused exploration and production enterprise.'

'Following Kosmos' recent announcement that the company will remain in Ghana, this funding demonstrates our commitment to further build the value of these world-class petroleum assets,' added Brian Maxted, Kosmos Chief Operating Officer. 'First production from the Jubilee Field's phase one development, scheduled for late fourth-quarter 2010, and the recent Owo oil discovery highlight our ongoing development and exploration success. We hope to continue our great track record of finding oil for the people of Ghana and delivering substantial returns to our investors.'

Tags: Kosmos Energy