Kosmos Energy Ltd. reported progress across its core assets in an update on Monday, highlighting rising production in Ghana, continued ramp-up at its flagship LNG project offshore Mauritania and Senegal, and steps to refinance near-term debt maturities.
In Ghana, the company said the second producer well in the 2025-2026 Jubilee field development campaign, J-74, had been successfully drilled and completed and is expected to come online shortly.
The well encountered around 50 metres of net pay and, based on flowback results, was expected to produce more than 10,000 barrels of oil per day.
With J-74 online, Kosmos said it expected Jubilee to begin 2026 producing nearly 70,000 barrels per day gross.
During the fourth quarter of 2025, gross Jubilee production averaged around 59,000 barrels per day, in line with expectations and reflecting a slowing base decline of about 5% quarter on quarter.
The partnership had also approved a further five wells to be drilled in 2026, comprising four producers and one injector, with drilling of the next producer already under way.
Kosmos also said it received government approval in late December for licence extensions covering the Jubilee and TEN fields under the West Cape Three Points and Deep Water Tano petroleum agreements.
The extensions, which were now before parliament for ratification, would run to 2040.
From July 2036, Ghana National Petroleum Corporation's interest in the fields would increase by a further 10%, with joint venture partners' interests reduced on a pro rata basis.
As part of the extension, the Jubilee plan of development has been amended to include up to 20 additional wells, which Kosmos said was expected to increase its 2P reserves.
At the TEN field, the partnership had agreed final commercial terms to acquire the TEN FPSO at the end of its current lease in 2027, with execution of the final sale and purchase agreement expected early in 2026.
Kosmos said ownership of the vessel was expected to significantly reduce operating costs and have a positive impact on leverage in 2026.
In Mauritania and Senegal, ramp-up at the Greater Tortue Ahmeyim LNG project continued, with the floating LNG vessel operating at nameplate capacity of 2.7 million tonnes per annum equivalent during December and reaching a peak rate of around three million tonnes per annum.
A total of 18.5 gross LNG cargoes and one condensate cargo were lifted in 2025, and Kosmos said cargo liftings are expected to nearly double in 2026 as performance continues to improve.
On the financial side, Kosmos said it submitted a borrowing notice on 2 January for a $100m draw on the second tranche of its Gulf of America term facility.
At the same time, the company issued a notice of redemption for its remaining 2026 unsecured notes, which were expected to be redeemed on 13 January.
As it looked to refinance its 2027 debt maturities, Kosmos added that its reserve-based lending banks had agreed a waiver allowing a subsidiary to issue new secured financing, subject to final documentation, supported by the subordinated guarantees currently backing the unsecured notes.
At 0813 GMT, shares in Kosmos Energy were up 4.76% at 71.5p.
Reporting by Josh White for Sharecast.com.