Kosmos Energy (NYSE: KOS) has announced that it has received government approval and completed its previously announced transaction with BP in Senegal.
Under the terms of the deal, BP acquired a 49.99 percent interest in Kosmos BP Senegal Limited, the controlled affiliate company which holds a 65 percent participating interest in the Cayar Offshore Profond and the Saint Louis Offshore Profond blocks offshore Senegal.*
Andrew G. Inglis, Kosmos Energy’s chairman and chief executive officer, said: “With the transaction now complete, Kosmos looks forward to working with the Government of Senegal and partners to move ahead with the next stage of our work program involving further exploration in the two blocks and seeking to produce first gas from the Tortue project by 2021.”
The effective interests in the blocks offshore Senegal are now:
| Effective Working Interest | ||
|---|---|---|
| Pre-Transaction | Post-Transaction | |
| Senegal (Saint Louis Offshore Profond and Cayar Offshore Profond Blocks) | ||
| BP | 0% | 32.49%* |
| Kosmos Energy | 60% | 32.51%* |
| Timis Corporation | 30% | 25%* |
| Société des Pétroles du Sénégal (Petrosen) | 10% | 10% |
* After completion of the exercise in December 2016 of an option to acquire an additional 5 percent participating interest from Timis Corporation in consideration for a future carry on a well in Senegal.
