kosmos energy ltd (KOS) Key Developments
Kosmos Energy Ltd. Announces Amendment and Restatement of Corporate Revolving Credit Facility
Jun 9 15
Kosmos Energy Ltd. announced an amendment and restatement of its corporate revolving credit facility. Three significant changes have been made: borrowing capacity has been increased to $400 million, up from $300 million, date of maturity has been extended by three years to November 2018, and Commitment fees have been lowered to 30% of the margin. Combined with its $1.5 billion reserves-based lending facility, Kosmos now has secured debt facilities totaling $1.9 billion, of which only $300 million was drawn as of June 1, 2015.
Kosmos Energy Provides Update on Mauritania Drilling
May 18 15
Kosmos Energy announced that the Tortue-1 exploration well in Block C8 offshore Mauritania has encountered additional hydrocarbons while drilling to total depth to evaluate the deeper Albian stratigraphy. Based on the preliminary analysis of drilling results, Tortue-1 has intersected approximately 10 meters (32 feet) of net hydrocarbon pay in the lower Albian section, which is currently interpreted to be gas. This is in addition to the previously announced 107 meters (351 feet) of net pay encountered in the Cenomanian, which was the primary objective. The well was drilled beyond the primary objective to obtain deeper stratigraphic information and enable seismic calibration of the Albian, which will be tested in subsequent wells. Down to total depth drilled, no water was encountered in the well. Located approximately 285 kilometers southwest of Nouakchott in 2,700 meters of water, and drilled with the Atwood Achiever drillship, the Tortue-1 well was drilled at a total cost of approximately $125 million to a total depth of approximately 5,100 meters. The Tortue discovery area has also been renamed Ahmeyim.
Kosmos Energy Ltd. Provides Capex Guidance for the Full Year of 2015
May 4 15
Kosmos Energy Ltd. announced that full-year 2015 guidance remains unchanged, including capex budget of $800 million.
Kosmos Energy Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2015
May 4 15
Kosmos Energy reported unaudited consolidated earnings results for the first quarter ended March 31, 2015. For the quarter, the company reported net loss of $78.9 million or $0.21 per diluted share compared to net income of $75 million or $0.19 per diluted share a year ago. Adjusting for the impact of realized and unrealized commodity derivatives, the company generated a net loss of $66.6 million or $0.18 per diluted share. Total revenues were $132.6 million, down from $237.1 million reported for the same period last year. Oil and gas revenue was $109,164,000 against $212,853,000 a year ago. Loss before income taxes was $53,210,000 against income before income taxes of $125,752,000 a year ago. Net cash used in operating activities was $8,980,000 against net cash provided by operating activities of $113,586,000 a year ago. Additions to oil and gas assets were $184,899,000 against $96,486,000 a year ago. EBITDAX was $114,892,000 against $186,151,000 a year ago. Total capital expenditures were $167.8 million. Bet debt as at March 31, 2015 was $407.4 million compared to net debt as of December 31, 2014 of $213.1 million. The increase in net debt since year-end 2014 is primarily driven by timing of changes in working capital.
Kosmos Energy Ltd. Presents at Citi Global Energy & Utilities Conference, May-12-2015
Apr 30 15
Kosmos Energy Ltd. Presents at Citi Global Energy & Utilities Conference, May-12-2015 . Venue: The Hyatt Regency, 1 Avenue de Lafayette, Boston, MA 02111, United States.