DALLAS--(BUSINESS WIRE)--Jun. 20, 2012--
Kosmos
Energy (NYSE:KOS) announced today that it has entered into an
agreement with Chevron Global Energy Inc. under which Kosmos will assign
half of its interest in Blocks 42 and 45, offshore Suriname, to Chevron.
Under the agreement, Kosmos will have a 50 percent working interest and
remain operator of both blocks until the end of the exploration phase.
Chevron will assume the remaining 50 percent working interest and will
be development operator of any commercial discoveries.
Blocks 42 and 45 cover an area of approximately 2.8 million gross acres,
at water depths ranging between 200 and 2,600 meters (approximately 650
to 8,500 feet). Kosmos originally executed Production Sharing Contracts
for Blocks 42 and 45 in December 2011. The agreement is subject to
certain customary closing conditions.
Brian F. Maxted, Chief Executive Officer, said, “Our agreement with
Chevron for Blocks 42 and 45 unites the interests of both organizations
in pursuing a potentially substantial and significantly underexplored
petroleum system. We see the combination of Kosmos’ exploration
expertise and Chevron’s industry-leading deepwater development
technology as a positive for both companies and a significant benefit
for Suriname. Together, we are aggressively advancing our exploration of
the blocks, with plans to commence an approximately 5,000 square
kilometer 3D seismic program later this year. First drilling is
currently planned for 2014.”
About Kosmos Energy
Kosmos Energy is a leading independent oil and gas exploration and
production company focused on frontier and emerging areas in Africa and
South America. The Company’s asset portfolio includes existing
production, major discoveries and exploration prospects offshore Ghana,
as well as exploration licenses with significant hydrocarbon potential
offshore Mauritania, Morocco and Suriname and onshore Cameroon. Kosmos
is listed on the New York Stock Exchange and is traded under the ticker
symbol KOS. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of
the Securities Exchange Act of 1934. All statements, other than
statements of historical facts, included in this press release that
address activities, events or developments that the Company expects,
believes or anticipates will or may occur in the future are
forward-looking statements. The Company’s estimates and
forward-looking statements are mainly based on its current expectations
and estimates of future events and trends, which affect or may affect
its businesses and operations. Although the Company believes that these
estimates and forward-looking statements are based upon reasonable
assumptions, they are subject to several risks and uncertainties and are
made in light of information currently available to the Company. When
used in this press release, the words “anticipate,” “believe,” “intend,”
“expect,” “plan,” “will” or other similar words are intended to identify
forward-looking statements. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the Company, which may cause actual results to differ
materially from those implied or expressed by the forward-looking
statements. Further information on such assumptions, risks and
uncertainties is available in the Company’s Securities and Exchange
Commission (“SEC”) filings. The Company’s SEC filings are
available on the Company’s website at www.kosmosenergy.com.
Kosmos undertakes no obligation and does not intend to update or
correct these forward-looking statements to reflect events or
circumstances occurring after the date of this press release, except as
required by applicable law. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the
date of this press release. All forward-looking statements are qualified
in their entirety by this cautionary statement.
Source: Kosmos Energy
Kosmos Energy
Investor Relations
Brad Whitmarsh,
+1-214-445-9772
bwhitmarsh@kosmosenergy.com
