Kosmos Energy Ltd (LSE:KOS, NYSE:KOS) shares gained close to 5% in Monday morning's trade, after the oiler gave an operational and financial update covering activities in Ghana, Mauritania and Senegal.
In Ghana, the J-74 producer well in the Jubilee field was drilled and completed and is expected to come online shortly. The company said the well encountered around 50 metres of net pay and is expected to produce over 10,000 barrels of oil per day, lifting gross Jubilee production to nearly 70,000 barrels per day.
Kosmos also confirmed government approval for licence extensions covering the Jubilee and TEN fields, extending the agreements to 2040.
The company said ownership of the TEN floating production vessel is expected to transfer to the partnership in 2027, which should reduce operating costs.
On the financial side, Kosmos submitted a borrowing notice for a $100 million draw under its Gulf of America term facility and issued a notice to redeem its remaining 2026 unsecured notes.
In London, Kosmos shares were up 3.25p or 4.76% changing hands at 71.5p.