Acquisitions and Divestitures	3 Months Ended
Mar. 31, 2017
Acquisitions and Divestitures
Acquisitions and Divestitures	3. Acquisitions and Divestitures In December 2016, we announced transactions with affiliates of BP p.l.c. (‘‘BP’’) in Mauritania and Senegal following a competitive farm-out process for our interests in our blocks offshore Mauritania and Senegal. The Mauritania and Senegal transactions closed in January 2017 and February 2017, respectively. In Mauritania, BP acquired a 62% participating interest in our four Mauritania licenses (C6, C8, C12 and C13). In Senegal, BP acquired a 49.99% interest in Kosmos BP Senegal Limited (“KBSL”), our majority owned affiliate company which holds a 60% participating interest in the Cayar Offshore Profond and the Saint Louis Offshore Profond blocks offshore Senegal. Previously we indicated that KBSL would hold a 65% participating interest upon the completion of our exercise in December 2016 of an option to increase our equity in each contract area by 5% in exchange for carrying Timis Corporation’s paying interest share of a third well in either contract area, subject to a maximum gross well cost of $120.0 million. However, we have conditionally agreed to withdraw the exercise of this call option upon completion of an agreement between BP and Timis Corporation by which BP will acquire Timis Corporation’s entire 30% participating interest in the Cayar Offshore Profond and the Saint Louis Offshore Profond blocks offshore Senegal, subject to government approval. Thereafter, KBSL’s participating interest in these blocks will remain at 60%. However, in the event the transaction between BP and Timis Corporation does not close, then the call option exercise remains valid. In consideration for these transactions, Kosmos received $162 million in cash up front during the first quarter of 2017 and will receive a $221 million exploration and appraisal carry, up to $533 million in a development carry and variable consideration up to $2 per barrel for up to 1 billion barrels of liquids, structured as a production royalty, subject to future liquids discovery and prevailing oil prices. The effective date of these transactions was July 1, 2016, with BP paying interim costs from the effective date to the closing dates. We reduced our unproved property balance by $221.9 million for the consideration received as a result of these transactions including the upfront cash and interim costs from the transaction date to the effective date.

3. Acquisitions and Divestitures

In December 2016, we announced transactions with affiliates of BP p.l.c. (‘‘BP’’) in Mauritania and Senegal following a competitive farm-out process for our interests in our blocks offshore Mauritania and Senegal. The Mauritania and Senegal transactions closed in January 2017 and February 2017, respectively. In Mauritania, BP acquired a 62% participating interest in our four Mauritania licenses (C6, C8, C12 and C13). In Senegal, BP acquired a 49.99% interest in Kosmos BP Senegal Limited (“KBSL”), our majority owned affiliate company which holds a 60% participating interest in the Cayar Offshore Profond and the Saint Louis Offshore Profond blocks offshore Senegal. Previously we indicated that KBSL would hold a 65% participating interest upon the completion of our exercise in December 2016 of an option to increase our equity in each contract area by 5% in exchange for carrying Timis Corporation’s paying interest share of a third well in either contract area, subject to a maximum gross well cost of $120.0 million. However, we have conditionally agreed to withdraw the exercise of this call option upon completion of an agreement between BP and Timis Corporation by which BP will acquire Timis Corporation’s entire 30% participating interest in the Cayar Offshore Profond and the Saint Louis Offshore Profond blocks offshore Senegal, subject to government approval. Thereafter, KBSL’s participating interest in these blocks will remain at 60%. However, in the event the transaction between BP and Timis Corporation does not close, then the call option exercise remains valid. In consideration for these transactions, Kosmos received $162 million in cash up front during the first quarter of 2017 and will receive a $221 million exploration and appraisal carry, up to $533 million in a development carry and variable consideration up to $2 per barrel for up to 1 billion barrels of liquids, structured as a production royalty, subject to future liquids discovery and prevailing oil prices. The effective date of these transactions was July 1, 2016, with BP paying interim costs from the effective date to the closing dates. We reduced our unproved property balance by $221.9 million for the consideration received as a result of these transactions including the upfront cash and interim costs from the transaction date to the effective date.