Pareto High Yield Daily-06/17/2026

Research evidence excerpt

Pareto High Yield Daily-06/17/2026

Pareto High Yield Daily

17 JUN 2026

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Sector Credit Research Kosmos Energy / Panoro Energy – Completion of the Block G

transaction Key numbers 6 day change Last 1D 1M 6M 12M

• Kosmos and Panoro announced this morning the completion of the Block G OsloOMXSPIBørs Benchmark 11 942,6088,7 -0,40,0 %% -3,72,6 %% 17,87,2 %% 18,716,4 %%

transaction in Equatorial Guinea, originally announced in February 2026. OSX 96,2 -2,4 % -8,9 % 32,1 % 52,7 %

Cash consideration paid from Panoro to Kosmos will be USD 127m, with up Oil price 78,5 -0,6 % -28,2 % 31,5 % 2,6 %

to USD 40m in additional contingent payments subject to production and oil iTraxx 5Y (generic) 248,6 0 bps -11 bps -1 bps -16 bps

price thresholds through 2029 NIBOR 3m 4,54 -2 bps -1 bps 43 bps -6 bps

• The acquisition price is USD 3.91 per 2P barrel (USD 2.40 per 2P+2C barrel) NIBOR 3Y swap 4,74 3 bps -23 bps 69 bps 62 bps

• For Panoro, the acquisition increases its ownership stake from 14.25% to NIBOR 5Y swap 4,52 1 bps -26 bps 48 bps 47 bps

54.625%, adding 5.8 kbd net production (based on production YTD). Panoro STIBORSTIBOR 3m3Y swap 2,022,47 -21 bpsbps -142 bpsbps 159 bpsbps -1730 bpsbps

confirms that all pre-disbursement conditions precedent on the February STIBOR 5Y swap 2,60 -1 bps -17 bps -2 bps 27 bps

2026 bond tap have now been satisfied, and the additional bonds will be US SOFR 3,69 9 bps 14 bps -6 bps -59 bps

merged into the main ISIN (NO0013415786) US SOFR 3Y swap 3,88 -3 bps -3 bps 56 bps 25 bps

• For Kosmos, this is a step in the right direction in terms of deleveraging the US SOFR 5Y swap 3,87 -4 bps -9 bps 44 bps 23 bps

balance sheet, with the proceeds being earmarked for repaying the RBL EURIBOR 3m 2,41 1 bps 18 bps 34 bps 40 bps