Private equity-backed Kosmos Energy is still mulling a possible sale of its Ghanaian oil interests, despite securing a loan to fund the fields' development, industry sources familiar with the matter said on Wednesday.
The potential sale of its stakes in two oil blocks offshore Ghana, which analysts said could raise $3-5 billion, is one of a number of options Kosmos is mulling, including an initial public offering and the sale of a stake in Kosmos itself.
The process continues, one source familiar with the matter said.
Kosmos and its partners, London-based Tullow Oil and U.S. oil producer Anadarko Petroleum, and others, have made significant oil discoveries in Ghana in recent years.
The fields will require billions of dollars to develop. The seizure of debt markets last year created doubts about Kosmos's ability to finance its share since the unlisted company could not, as Tullow did, tap equity markets for cash.
Instead, Kosmos retained banks to advise on a potential sale or part sale of the assets.
Meanwhile, the company continued trying to raise funds and on Tuesday said it had secured a $750 million loan facility to finance the fields.
This has taken the pressure off the Dallas-based oil explorer to press ahead with the planned sale, the sources said.
Kosmos is part-owned by private-equity firms Blackstone and Warburg Pincus.
(Additional reporting by Anna Driver) (Reporting by Tom Bergin; Editing by David Holmes and Elaine Hardcastle)