Kosmos to increase project finance debt facilities by $350m

The increase means that its development and predevelopment plans will be fully funded.

Kosmos Energy, an oil exploration and production company, will increase its project finance debt facilities by $350m, raising the total amount of its debt commitments to $1.25bn.

The funds will support the company's share of Jubilee Field phase one development, appraisal of additional discoveries, and ongoing exploration activities on the West Cape Three Points Block and adjacent Deepwater Tano Block offshore Ghana.

The $350m of debt adds $250m to Kosmos' senior facility for a total of $1bn and $100m to the company's junior facility for a total of $250m.

Kosmos executive vice president and chief financial officer Greg Dunlevy said that the increase of project finance debt facilities will ensure that Kosmos is fully funded to execute its development and predevelopment plans, as well as pursue its appraisal and exploration program underway in Ghana.