Kosmos Energy has successfully completed the re-determination of its reserve based lending credit facility ("RBL"). 

During the September re-determination, the Company's lending syndicate approved a borrowing base capacity of $1.32 billion, a reduction of $130 million from the previous drawn amount of $1.45 billion. The reduction in borrowing base capacity is primarily the result of lower oil price assumptions from those assumed at the March re-determination, due to the continuing impact of COVID-19. Repayment of the reduction in borrowing base will be made from available liquidity in the fourth quarter.

The RBL is secured against the Company's production assets in Ghana and Equatorial Guinea with the first amortization payment scheduled for March 2022. Kosmos' gas assets in Mauritania and Senegal remain unencumbered.

Following the RBL re-determination, the Company has approximately $0.5 billion of available liquidity as of October 1, 2020.

"We are pleased to have successfully completed the September RBL re-determination, and we thank our bank group for its continued support. With the recently announced Gulf of Mexico facility and this successful re-determination, the company has secured access to multiple sources of low cost, flexible financing. Our balance sheet is expected to be further strengthened by the proceeds of the Shell transaction this quarter and free cash generated by our low-cost production," said Neal Shah (pictured above), Chief Financial Officer.

KeyFacts Energy: Kosmos Energy US country profile