Kosmos Energy Director Grant Kelso Sells 28,723 Shares, Buys 96,591 Shares

Kosmos Energy Ltd. has announced that Director Grant John Douglas Kelso executed the following transactions on June 4 and 5, 2025: * Sold 275 shares at $1.81 per share on June 4, 2025. * Sold 27,923 shares at $1.81 per share on June 5, 2025. * Purchased 96,591 shares at $1.76 per share on June 5, 2025.

Ghana has taken a significant step in securing its energy future by extending oil production licenses to 2040. The Government of Ghana, along with key industry players such as Tullow Oil, Kosmos Energy, PetroSA, Ghana National Petroleum Company (GNPC), and Explorco, signed a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses. This extension covers the Jubilee and TEN oil fields, which are crucial for Ghana's energy sector [1][2][3][4].

The MOU includes provisions for drilling up to 20 new wells in the Jubilee field, representing an investment of up to $2 billion over the life of the licenses. This substantial investment is expected to significantly increase gross 2P reserves, enhancing Ghana's energy security and economic growth [1][2][3]. The agreement also commits to increasing gas supply from the fields to approximately 130 million standard cubic feet per day and reducing gas prices for Jubilee associated gas. Additionally, there is a reimbursement mechanism for gas sales and a commitment to investing in the capacity of GNPC and the Petroleum Commission through advanced technology [1][3].

Key figures in the industry have expressed their support for the MOU. The Honorable John Abdulai Jinapor, Ghana’s Minister for Energy and Green Transition, stated that the MOU signifies a progressive step for Ghana's energy sector, aiming to ensure ongoing oil production and foster economic growth [1][3]. Richard Miller, CFO and Interim CEO of Tullow, and Andrew G. Inglis, Chairman and CEO of Kosmos, highlighted the agreement's potential to enhance Ghana’s economic development and the importance of sustainable energy practices [1][3].

The next steps involve submitting a Jubilee Plan of Development Addendum for approval, drafting new gas sales agreements, and seeking parliamentary approval of the payment security mechanism and license extensions by the third quarter of 2025 [1][3]. These actions are crucial for ensuring the smooth implementation of the MOU and the successful extension of the licenses.

The announcement of the MOU has had a positive impact on the stock prices of the involved companies. Kosmos Energy shares are trading higher by 2.20% to $1.86 premarket at last check on June 7, 2025 [3]. This increase reflects investors' optimism about the potential benefits of the extended licenses and the anticipated increase in reserves.

References:
[1] https://www.gurufocus.com/news/2906644/the-government-of-ghana-tullow-oil-kosmos-energy-petrosa-gnpc-and-explorco-sign-memorandum-of-understanding-to-extend-ghana-production-licenses-to-2040-kos-stock-news
[2] https://seekingalpha.com/news/4455328-kosmos-energy-tullow-oil-sign-mou-to-extend-ghana-production-licenses-to-2040
[3] https://www.benzinga.com/markets/small-cap/25/06/45765925/kosmos-energy-gets-major-reserve-boost-from-ghana-license-extension
[4] https://www.proactiveinvestors.com/companies/news/1072381