In March 2011, Dallas-based Kosmos Energy Ltd. tapped the international loan market to successfully raise a USD 2 billion medium-term financing, to fund the company’s exploration and appraisal activities, as well as development related to the company’s 23% interest in the Jubilee Field* offshore Ghana.

Crédit Agricole CIB was one of the first among more than 20 banks to support the company and played a key part in this reserve-based financing, backed by Kosmos’ interest in the Jubilee Field. The Bank acted as one of the lead underwriters, initial mandated lead arranger, bookrunner and co-technical bank. Crédit Agricole CIB acted as well as co-manager for Kosmos’ IPOInitial Public Offering. Initial listing of a portion of a company's capital on the stock market, with or without a capital increase. This is a favoured exit strategy for private equity investors looking to unlock the value of their investment. on the New York Stock Exchange in May 2011.

The debt facility was structured with a tenor of 7 years and incorporated market-tested, classic features of reserve-based lending. It was well received in general syndication, resulting in an oversubscription and substantial scale down in final takes for the banks. The banking pool, including the initial mandated lead arrangers, demonstrates the strong appetite for water-tight financing structures and prime name counterparties which Kosmos certainly is.

‘’This was a landmark deal which once again demonstrates the power of independent oil and gas companies and the vital role they play in exploration and production activities in emerging markets.  Combined with the Bank’s energy expertise and strong financial advisory capabilities, Crédit Agricole CIB is well-equipped to provide financing solutions to complex structures across the globe.’’ says Frank Pluta, Global Head of Oil and Gas.

Kosmos Energy is an independent Energy and Power company. It is a path-finding international oil and gas exploration and production company focused on frontier areas and overlooked petroleum systems. Kosmos primarily focuses on under-explored regions offshore Africa. Its portfolio comprises discoveries as well as partially de-risked exploration prospects offshore the Republic of Ghana, as well as exploration licenses with significant hydrocarbon potential onshore in the Republic of Cameroon and offshore in the Kingdom of Morocco.


*Jubilee Field, one of the largest oil discoveries worldwide and the largest oil find offshore Africa in the last decade, has proved reserves of 250 million barrels of oil equivalent--Kosmos’ share is around 56 million. Production from the field began in November 2010, with a target plateau output of 120,000 barrels per day.