- Kosmos Energy said it had entered into an agreement with B.V. Dordtsche Petroleum Maatschappij to farm down interests in a portfolio of exploration assets for approximately up to $200m.

Under the terms of the agrement, B.V. Dordtsche Petroleum Maatschappij, a subsidiary of Royal Dutch Shell, would acquire Kosmos' participating interest in blocks offshore Sao Tome & Principe, Suriname, Namibia, and South Africa.

The payment included a cash payment of approximately $100m, plus contingent payments of $50m payable upon each commercial discovery from the first four exploration wells drilled across the assets, capped at $100m in aggregate.

Three of the four wells were currently planned for 2021.

Kosmos planned to use up to one-third of the initial proceeds to test two high-quality infrastructure-led exploration prospects in the Gulf of Mexico, with the remainder used to be pay down debt.

At 9:58am: [LON:KOS] Kosmos Energy Ltd share price was +9.75p at 99p

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