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kosmos energy ltd (KOS) Key Developments

Kosmos Energy Ltd. Amends its Amended and Restated Commercial Debt Facility

On March 14, 2014, Kosmos Energy Ltd. amended and restated its (i) existing amended and restated commercial debt facility and (ii) existing revolving credit facility agreement, in each case by entering an amended and restated facility agreement (the A&R RBL), an amended and restated revolving credit facility agreement and certain ancillary documents. The A&R Facilities will be effective as of March 31, 2014. The A&R RBL makes certain amendments to the terms of the existing amended and restated commercial debt facility, subject to certain conditions and exceptions, including without limitation: The extension of the maturity date to March 31, 2021; The extension of the amortization schedule such that amortization of principal is to commence in March 31, 2018 and continue in equal amounts every six months thereafter until the maturity date; The extension of the availability period to March 31, 2018 (unless the A&R RBL is otherwise earlier terminated), provided that after such date the A&R RBL will remain available for drawing until the maturity date in an amount up to the lesser of $500 million and the total available facility amount; The amendment of the interest margin over LIBOR payable on any funds drawn under the A&R RBL as follows: Years 1 to 4 (inclusive) - 3.25%; Years 5 to 6 (inclusive)- 3.75% and Years 7 to maturity (inclusive)- 4.50%. The setting of a minimum price of oil of $70 per barrel to be used in the first calculation of borrowing base amounts as of the date of effectiveness, and the inclusion of certain restrictions on lowering such minimum price in future calculations of borrowing base amounts; The inclusion of proved and probable (2P) reserves and contingent (2C) resources from the company’s Jubilee Phase 2, Tweneboa, Enyenra and Ntomme development and production areas, and Mahogany, Teak and Akasa discovery areas (upon the majority lenders’ consent and plan of development approval) in the calculation of borrowing base amounts, at a value of $5.00 per barrel of oil up to a maximum value of $350 million; and to permit the company’s wholly-owned subsidiary, Kosmos Energy Operating (KEO) to sell, farm-out, dispose of, transfer, grant security interests over, distribute by way of dividend, restructure, consolidate or merge or otherwise part with ownership and possession of its subsidiaries and their respective assets, other than with respect to its subsidiaries which are obligors under the A&R RBL, where such assets form collateral under the A&R RBL or where such assets form borrowing base assets. As a result of these amendments, total availability under the A&R RBL is expected to be increased from $1.2 billion to $1.5 billion as of the date of effectiveness. The A&R RCF makes certain amendments to the terms of the existing revolving credit facility agreement to conform to the terms of the A&R RBL with regard to permitting KEO flexibility in dealing with is subsidiaries and assets, among other things.

Kosmos Energy Ltd. Presents at 42nd Annual Howard Weil Energy Conference, Mar-25-2014 01:15 PM

Kosmos Energy Ltd. Presents at 42nd Annual Howard Weil Energy Conference, Mar-25-2014 01:15 PM. Venue: The Roosevelt New Orleans Hotel, 123 Baronne Street, New Orleans, LA 70112, United States. Speakers: Andrew G. Inglis, Chairman and Chief Executive Officer.

Kosmos Energy Ltd. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2013; Announces Operating Results for the Fourth Quarter of 2013 and for the Year to Date 2014

Kosmos Energy Ltd. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2013. For the quarter, the company reported total revenues and other income of $214,881,000 against $219,754,000 for the same period last year. Income before income taxes was $46,596,060,000 against $68,060,000 for the same period last year. Net income was $4,166,000 or $0.01 per basic and diluted share against $31,606,000 or $0.08 per basic and diluted share for the same period last year. Net cash provided by operating activities was $241,055,000 against $221,420,000 for the same period last year. Investing in oil and gas assets was $72,961,000 against $96,309,000 for the same period last year. Investing in other property was $1,258,000 against $964,000 for the same period last year. For the year, the company reported total revenues and other income of $852,428,000 against $672,209,000 for the same period last year. Income before income taxes was $75,954,000 against $34,156,000 for the same period last year. Net loss was $91,044,028,000 or $0.24 per basic and diluted share against $67,028,000 or $0.18 per basic and diluted share for the same period last year. Net cash provided by operating activities was $522,404,000 against $371,530,000 for the same period last year. Investing in oil and gas assets was $317,413,000 against $368,990,000 for the same period last year. Investing in other property was $4,970,000 against $9,994,000 for the same period last year. For the year-to-date gross production from the Jubilee field has averaged approximately 104,000 barrels of oil per day (bopd). In the fourth quarter of 2013, Jubilee field production averaged nearly 93,000 bopd, an increase over the third quarter's production of around 88,000 bopd which was impacted by the planned maintenance program performed on the Jubilee floating production, storage and offloading vessel (FPSO) in late September.

Kosmos Energy Ltd. Provides Capex Guidance for the Year of 2014

Kosmos Energy Ltd. provided CapEx guidance for the year of 2014. Exploration investments based on current CapEx guidance are expected to be approximately $175 million for the year and may be used as a proxy for exploration expense.

Kosmos Energy Ltd. Presents at Credit Suisse 19th Annual Energy Summit, Feb-12-2014 11:00 AM

Kosmos Energy Ltd. Presents at Credit Suisse 19th Annual Energy Summit, Feb-12-2014 11:00 AM. Venue: Vail Cascade Resort, 1300 Westhaven Drive, Vail, CO 81657, United States. Speakers: Brian F. Maxted, Founding Partner, Chief Executive Officer, Chief Exploration Officer, Director and Member of Health, Safety & Environmental Committee.

 

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Valuation KOS Industry Range
Price/Earnings NM Not Meaningful
Price/Sales 4.9x
Price/Book 4.2x
Price/Cash Flow 26.5x
TEV/Sales 3.2x
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