The Government of Ghana, Tullow Oil, Kosmos Energy, PetroSA, GNPC and Explorco Sign Memorandum of Understanding to Extend Ghana Production Licenses to 2040.

The Government of Ghana, Tullow Oil plc (Tullow), Kosmos Energy (NYSE/LSE: KOS), PetroSA, Ghana National Petroleum Company (GNPC) and Explorco are pleased to announce that they have entered into a Memorandum of Understanding (MOU) to extend the West Cape Three Points (WCTP) and Deep Water Tano (DWT) licenses to 2040, which cover the Jubilee and TEN fields in Ghana.

The MOU includes approval to drill up to 20 additional wells in the Jubilee field, representing investment of up to $2 billion in Ghana over the life of the licenses. As a result of the extension, the JV partnership expects to realize a material increase in gross 2P reserves.

A number of principles are covered within the MOU that will help underpin the continued development of the Jubilee and TEN fields, including:

• A commitment to work to increase the supply of gas from the Jubilee and TEN fields to approximately 130 mmscf/day
• A reduced gas price for Jubilee associated gas
• A guaranteed reimbursement mechanism for gas sales
• Investment in GNPC and the Petroleum Commission’s capacity with a focus on the use of advanced technology

All terms and conditions of the existing WCTP and DWT Petroleum Agreements remain in place and continue unchanged.
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