KOS•KOS•Kosmos Energy’s J76 well came online mid-June producing 20,000 bopd, lifting Q2 Jubilee output to 72,000 bopd with exit rates above 85,000 bopd and positioning J77 to boost production toward 90,000 bopd. Net debt fell over $400 million to $2.56 billion in Q2 with liquidity exceeding $500 million.
The J76 well in Ghana came online in mid-June at about 20,000 barrels of oil per day, contributing to a Q2 average Jubilee production of 72,000 bopd and an exit rate exceeding 85,000 bopd. The next well, J77, is completed and expected imminently to push gross output toward 90,000 bopd, while J50 is slated for end-July start-up and a water injector well for late Q3.
In the second quarter, two full Jubilee cargo liftings and one TEN lifting were executed, with a third Jubilee cargo loading completed on July 2. The Greater Tortue Ahmeyim LNG project delivered nine LNG cargos and one condensate cargo, hitting the upper end of guidance.
On June 16, the sale of Equatorial Guinea’s Ceiba and Okume assets closed, removing approximately 1,000 bopd from Q2 guidance, with full-year forecasts to be updated in August. In the Gulf of America, the Tiberius farm-down is progressing toward a third-quarter completion.
Net debt fell by over $400 million to roughly $2.56 billion by quarter end, driven by free cash flow and proactive debt reduction initiatives. Liquidity exceeded $500 million, and management is engaging banks to refinance and extend its reserve-based lending facility, targeting a 20% year-on-year net debt reduction by year end.
