Kosmos announces extension of WCTP, DWT licenses in Ghana to 2040

The Government of Ghana, Tullow Oil, Kosmos (KOS), PetroSA, Ghana National Petroleum Company and Explorco announced that they have entered into a memorandum of understanding to extend the West Cape Three Points and Deep Water Tano licenses to 2040, which cover the Jubilee and Ten fields in Ghana. The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2B in Ghana over the life of the licenses. As a result of the extension, the JV partnership expects to realize a material increase in gross 2P reserves. All terms and conditions of the existing WCTP and DWT petroleum agreements remain in place and continue unchanged. The next steps, following this MOU, are the submission for approval of a Jubilee Plan of Development Addendum, entering into new fully termed gas sales agreements, and the submission for parliamentary approval of the payment security mechanism and license extensions planned before the end of the third quarter of 2025.