Kosmos, Galp agree to offshore São Tomé and Príncipe farm-out

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

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