Kosmos Energy Ltd
For the period ended Dec 31, 2023. Filed Feb 26, 2024.
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FY2023 · Filed Feb 26, 2024
KOS$2.11+1.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Glossary and Selected Abbreviations
The following are abbreviations and definitions of certain terms that may be used in this report. Unless listed below, all defined terms under Rule 4‑10(a) of Regulation S‑X shall have their statutorily prescribed meanings.
| “2D seismic data” | Two‑dimensional seismic data, serving as interpretive data that allows a view of a vertical cross‑section beneath a prospective area. |
|---|---|
| “3D seismic data” | Three‑dimensional seismic data, serving as geophysical data that depicts the subsurface strata in three dimensions. 3D seismic data typically provides a more detailed and accurate interpretation of the subsurface strata than 2D seismic data. |
| “ANP-STP” | Agencia Nacional Do Petroleo De Sao Tome E Principe. |
| “API” | A specific gravity scale, expressed in degrees, that denotes the relative density of various petroleum liquids. The scale increases inversely with density. Thus lighter petroleum liquids will have a higher API than heavier ones. |
| “ASC” | Financial Accounting Standards Board Accounting Standards Codification. |
| “ASU” | Financial Accounting Standards Board Accounting Standards Update. |
| “Barrel” or “Bbl” | A standard measure of volume for petroleum corresponding to approximately 42 gallons at 60 degrees Fahrenheit. |
| “BBbl” | Billion barrels of oil. |
| “BBoe” | Billion barrels of oil equivalent. |
| “Bcf” | Billion cubic feet. |
| “Boe” | Barrels of oil equivalent. Volumes of natural gas converted to barrels of oil using a conversion factor of 6,000 cubic feet of natural gas to one barrel of oil. |
| “BOEM” | Bureau of Ocean Energy Management. |
| “Boepd” | Barrels of oil equivalent per day. |
| “Bopd” | Barrels of oil per day. |
| “BP” | BP p.l.c. and related subsidiaries. |
| “Bwpd” | Barrels of water per day. |
| “Corporate Revolver” | Prior to March 31, 2022, this term refers to the Revolving Credit Facility Agreement dated November 23, 2012 (as amended or as amended and restated from time to time), and on or after March 31, 2022, this term refers to the new Revolving Credit Facility Agreement dated March 31, 2022 (as amended or as amended and restated from time to time). |
| “COVID-19” | Coronavirus disease 2019. |
| “Debt cover ratio” | The “debt cover ratio” is broadly defined, for each applicable calculation date, as the ratio of (x) total long‑term debt less cash and cash equivalents and restricted cash, to (y) the aggregate EBITDAX (see below) of the Company for the previous twelve months. |
| “Developed acreage” | The number of acres that are allocated or assignable to productive wells or wells capable of production. |
| “Development” | The phase in which an oil or natural gas field is brought into production by drilling development wells and installing appropriate production systems. |
| “DST” | Drill stem test. |
| “Dry hole” or “Unsuccessful well” | A well that has not encountered a hydrocarbon bearing reservoir expected to produce in commercial quantities. |
| “DT” | Deepwater Tano. |
| “EBITDAX” | Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity‑based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) loss on extinguishment of debt, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. |
| “ESG” | Environmental, social, and governance. |
| “ESP” | Electric submersible pump. |
| “E&P” | Exploration and production. |
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| “Facility” | Facility agreement dated March 28, 2011 (as amended or as amended and restated from time to time). |
| “FASB” | Financial Accounting Standards Board. |
| “Farm‑in” | An agreement whereby a party acquires a portion of the participating interest in a block from the owner of such interest, usually in return for cash and/or for taking on a portion of future costs or other performance by the assignee as a condition of the assignment. |
| “Farm‑out” | An agreement whereby the owner of the participating interest agrees to assign a portion of its participating interest in a block to another party for cash and/or for the assignee taking on a portion of future costs and/or other work as a condition of the assignment. |
| “FEED” | Front End Engineering Design. |
| “Field life cover ratio” | The “field life cover ratio” is broadly defined, for each applicable forecast period, as the ratio of (x) the forecasted net present value of net cash flow through depletion plus the net present value of the forecast of certain capital expenditures incurred in relation to the Ghana and Equatorial Guinea assets, to (y) the aggregate loan amounts outstanding under the Facility. |
| “FLNG” | Floating liquefied natural gas. |
| “FPS” | Floating production system. |
| “FPSO” | Floating production, storage and offloading vessel. |
| “GAAP” | Generally Accepted Accounting Principles in the United States of America. |
| “GEPetrol” | Guinea Equatorial De Petroleos. |
| “GHG” | Greenhouse gas. |
| “GJFFDP” | Greater Jubilee Full Field Development Plan. |
| “GNPC” | Ghana National Petroleum Corporation. |
| “GoM Term Loan” | Senior Secured Term Loan Credit Agreement dated September 30, 2020. |
| “Greater Tortue Ahmeyim” | Ahmeyim and Guembeul discoveries. |
| “GTA UUOA” | Unitization and Unit Operating Agreement covering the Greater Tortue Ahmeyim Unit. |
| “HLS” | Heavy Louisiana Sweet. |
| “Jubilee UUOA” | Unitization and Unit Operating Agreement covering the Jubilee Unit. |
| “Interest cover ratio” | The “interest cover ratio” is broadly defined, for each applicable calculation date, as the ratio of (x) the aggregate EBITDAX (see above) of the Company for the previous twelve months, to (y) interest expense less interest income for the Company for the previous twelve months. |
| “LNG” | Liquefied natural gas. |
| “Loan life cover ratio” | The “loan life cover ratio” is broadly defined, for each applicable forecast period, as the ratio of (x) net present value of forecasted net cash flow through the final maturity date of the Facility plus the net present value of forecasted capital expenditures incurred in relation to the Ghana and Equatorial Guinea assets to (y) the aggregate loan amounts outstanding under the Facility. |
| “LIBOR” | London Interbank Offered Rate |
| “LSE” | London Stock Exchange. |
| “LTIP” | Long Term Incentive Plan. |
| “MBbl” | Thousand barrels of oil. |
| “MBoe” | Thousand barrels of oil equivalent. |
| “Mcf” | Thousand cubic feet of natural gas. |
| “Mcfpd” | Thousand cubic feet per day of natural gas. |
| “MMBbl” | Million barrels of oil. |
| “MMBoe” | Million barrels of oil equivalent. |
| “MMBtu” | Million British thermal units. |
| “MMcf” | Million cubic feet of natural gas. |
| “MMcfd” | Million cubic feet per day of natural gas. |
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| “MMTPA” | Million metric tonnes per annum. |
| “Natural gas liquid” or “NGL” | Components of natural gas that are separated from the gas state in the form of liquids. These include propane, butane, and ethane, among others. |
| “Net Debt” | Total long-term debt less cash and cash equivalents and total restricted cash. |
| “NYSE” | New York Stock Exchange. |
| “Petroleum contract” | A contract in which the owner of hydrocarbons gives an E&P company temporary and limited rights, including an exclusive option to explore for, develop, and produce hydrocarbons from the lease area. |
| “Petroleum system” | A petroleum system consists of organic material that has been buried at a sufficient depth to allow adequate temperature and pressure to expel hydrocarbons and cause the movement of oil and natural gas from the area in which it was formed to a reservoir rock where it can accumulate. |
| “Plan of development” or “PoD” | A written document outlining the steps to be undertaken to develop a field. |
| “Productive well” | An exploratory or development well found to be capable of producing either oil or natural gas in sufficient quantities to justify completion as an oil or natural gas well. |
| “Prospect(s)” | A potential trap that may contain hydrocarbons and is supported by the necessary amount and quality of geologic and geophysical data to indicate a probability of oil and/or natural gas accumulation ready to be drilled. The five required elements (generation, migration, reservoir, seal and trap) must be present for a prospect to work and if any of these fail neither oil nor natural gas may be present, at least not in commercial volumes. |
| “Proved reserves” | Estimated quantities of crude oil, natural gas and natural gas liquids that geological and engineering data demonstrate with reasonable certainty to be economically recoverable in future years from known reservoirs under existing economic and operating conditions, as well as additional reserves expected to be obtained through confirmed improved recovery techniques, as defined in SEC Regulation S‑X 4‑10(a)(2). |
| “Proved developed reserves” | Those proved reserves that can be expected to be recovered through existing wells and facilities and by existing operating methods. |
| “Proved undeveloped reserves” | Those proved reserves that are expected to be recovered from future wells and facilities, including future improved recovery projects which are anticipated with a high degree of certainty in reservoirs which have previously shown favorable response to improved recovery projects. |
| “RSC” | Ryder Scott Company, L.P. |
| “SOFR” | Secured Overnight Financing Rate |
| “SEC” | Securities and Exchange Commission. |
| “7.125% Senior Notes” | 7.125% Senior Notes due 2026. |
| “7.750% Senior Notes” | 7.750% Senior Notes due 2027. |
| “7.500% Senior Notes” | 7.500% Senior Notes due 2028. |
| “Shelf margin” | The path created by the change in direction of the shoreline in reaction to the filling of a sedimentary basin. |
| “Shell” | Royal Dutch Shell and related subsidiaries. |
| “SMH” | Societe Mauritanienne des Hydrocarbures |
| “Stratigraphy” | The study of the composition, relative ages and distribution of layers of sedimentary rock. |
| “Stratigraphic trap” | A stratigraphic trap is formed from a change in the character of the rock rather than faulting or folding of the rock and oil is held in place by changes in the porosity and permeability of overlying rocks. |
| “Structural trap” | A topographic feature in the earth’s subsurface that forms a high point in the rock strata. This facilitates the accumulation of oil and gas in the strata. |
| “Structural‑stratigraphic trap” | A structural‑stratigraphic trap is a combination trap with structural and stratigraphic features. |
| “Submarine fan” | A fan‑shaped deposit of sediments occurring in a deep water setting where sediments have been transported via mass flow, gravity induced, processes from the shallow to deep water. These systems commonly develop at the bottom of sedimentary basins or at the end of large rivers. |
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| “TAG GSA” | TEN Associated Gas - Gas Sales Agreement. |
| “TEN” | Tweneboa, Enyenra and Ntomme. |
| “Three‑way fault trap” | A structural trap where at least one of the components of closure is formed by offset of rock layers across a fault. |
| “Tortue Phase 1 SPA” | Greater Tortue Ahmeyim Agreement for a Long Term Sale and Purchase of LNG. |
| “Trap” | A configuration of rocks suitable for containing hydrocarbons and sealed by a relatively impermeable formation through which hydrocarbons will not migrate. |
| “Trident” | Trident Energy. |
| “Undeveloped acreage” | Lease acreage on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of natural gas and oil regardless of whether such acreage contains discovered resources. |
| “WCTP” | West Cape Three Points. |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.