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Christoffer Bachke

Research Analyst at Clarksons Securities

Christoffer Bachke is an Analyst-Equity at Clarksons Securities AS, specializing in oil and gas exploration and production research. He covers specific companies including Aker BP, BlueNord, BW Energy, DNO, International Petroleum, Kosmos Energy, Panoro Energy, Shamaran Petroleum, and Vår Energi, issuing buy recommendations with target prices such as 285 for Aker BP and 36 for Panoro Energy as of early 2026. Bachke joined Clarksons Securities in July 2023 following his graduate degree from BI Norwegian Business School in 2023, with his undergraduate degree from the same institution completed in 2021. No public performance metrics, FINRA registrations, or notable achievements are available from available sources.

Christoffer Bachke's questions to Kosmos Energy (KOS) leadership

Question · Q4 2025

Christoffer Bachke asked how the Ghana license extension affects the RBL borrowing base, specifically if it replaces the divested EG stake. He also inquired about future divestments versus holding assets like Tiberias into FID, and if the portfolio is now set for a harvest phase. Finally, he sought a breakdown of the GTA unit cost reduction, distinguishing between FPSO refinancing and operational efficiencies.

Answer

Neal Shah (CFO) explained that the RBL is underpinned by Ghana and EG reserves, with EG's portion impacting the borrowing base by ~$100 million when it comes out, but Ghana was well overcollateralized. Andy Inglis (Chairman and CEO) stated the company is building a lower-cost business with significant reductions from the organic portfolio and EG divestment, redirecting capital to high-return growth (Jubilee, Tiberias), with some marginal trimming of the portfolio potentially continuing. Neal Shah clarified that about half of the absolute cost reduction in 2026 vs. 2025 comes from FPSO refinancing and half from startup costs, with Andy Inglis adding that the big driver is the step-up in volume and further reductions are expected with Phase I Plus domestic gas.

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Question · Q4 2025

Christoffer Bachke from Clarksons Securities asked about the RBL's security against Ghana and the recently divested EG stake, and how the Ghana license extension affects the borrowing base. He also inquired about the company's strategy regarding further divestments versus holding assets like Tiberias into FID, and sought a breakdown of GTA's steady-state cash OpEx per MMBtu, distinguishing between FPSO refinancing and operational efficiencies.

Answer

CFO Neal Shah explained that the RBL process has just begun, with EG's portion coming out in Q2, which will have some impact on the borrowing base, though Ghana's reserves provide significant collateral. Chairman and CEO Andy Inglis stated that the company is focused on creating a lower-cost business through organic portfolio adjustments and potential trimming of non-core, higher-cost assets, while redirecting capital to high-return growth projects like Jubilee and Tiberias. Mr. Shah and Mr. Inglis clarified that GTA's unit cost reduction is driven by both a significant increase in volume and a 10% reduction in absolute operating costs, with about half of that reduction coming from FPSO refinancing and the other half from startup cost removal.

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