Kosmos Energy

KOS · Main Market · Energy · mcap £1,191m · 205.5p 3 open situations →

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2026 2026 and 2027 debt maturities GTA Phase 1 ramp-up Tender offer and return of capital Equatorial Guinea asset sale

Open · 3

Balance-sheet stress / refinancing

2026 and 2027 debt maturities

RBL refinancing under way, targeted Q4

Includes Tender offer and return of capital – proposed Follows from Equatorial Guinea asset sale – Completed 16 June 2026; announced 17 June, closed 17 Jun 2026

Since Nov 2025 Kosmos has refinanced near-term maturities, eased RBL covenants and raised ~$200m of equity in March 2026. The EG sale completed on 16 Jun 2026. With Q2 results on 3 Aug 2026 it reported net debt of ~$2.56bn, said RBL refinancing has begun with completion targeted by Q4, and added 2027 hedges. The ~20% debt reduction target stands.

Equity raise: ~$200m raised in March 2026; proceeds used to accelerate debt repayment 5 May 2026 ↗
Liquidity: Over $500m at end Q2 2026 3 Aug 2026 ↗
Borrowing base: ~$1.2bn after the EG sale completed in June 2026 3 Aug 2026 ↗
Hedging: 3.25m bbl for rest of 2026 (~$66 floor); 7.0m bbl in 2027 (~$67 floor, ~$84 ceiling) 3 Aug 2026 ↗
EG proceeds: ~$127m final cash, used to repay RBL borrowings 17 Jun 2026 ↗
Target: ~20% net debt reduction for 2026; good progress stated 3 Aug 2026 ↗

Next: RBL refinancing completion targeted

3 Aug 2026 RBL refinancing under way, targeted Q4
6 Jul 2026 Net debt down; RBL refinancing talks due
17 Jun 2026 EG sale proceeds to repay RBL
5 May 2026 Equity raised; debt reduction target raised to ~20%

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Project milestones

GTA Phase 1 ramp-up

J76 and J77 online; J50 imminent

The 2025/26 Jubilee campaign brought J74 and J75 online in H1 2026. J76 came online in mid-June and J77 in early July, both performing at the high end of expectations. On 3 Aug 2026 Kosmos said J50 is due online in the coming days, lifting gross output to >90,000 bopd. A water injector ends the campaign at end Q3.

Next campaign: Up to ten wells from mid-2027; rig being secured 3 Aug 2026 ↗
J76: Online mid-June 2026, two weeks later than planned; ~20,000 bopd gross 6 Jul 2026 ↗
Q2 output: Jubilee ~72,000 bopd gross in Q2 2026 3 Aug 2026 ↗
J77: Completed; production expected imminently; takes Jubilee to ~90,000 bopd gross 6 Jul 2026 ↗
J50: Completion of previously drilled well; online in coming days 3 Aug 2026 ↗
Lifting: Two Jubilee cargos and one TEN lifting in Q2; third Jubilee cargo completed 2 July 6 Jul 2026 ↗

Next: J50 online in coming days; water injector end of Q3

3 Aug 2026 Phase 1 at full rate; Phase 1+ in focus
6 Jul 2026 FID taken; farm-down progressing
5 May 2026 Above nameplate; Phase 1+ in focus
2 Mar 2026 Above nameplate; focus shifts to Phase 1+

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Capital return

Tender offer and return of capital

proposed

Part of 2026 and 2027 debt maturities – RBL refinancing under way, targeted Q4

5 May 2026 completed
16 Jan 2026 proposed
12 Jan 2026 announced

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Closed · 1

Disposal of a part (break-up)Equatorial Guinea asset sale Completed 16 June 2026; announced 17 June · 25 Feb 2026 – 17 Jun 2026

Company filings. Not investment advice.