Kosmos Energy Announces 2013 Capital Program and Production Outlook
Jubilee Field Production to Average Between 105,000 and 115,000 Barrels of Oil Per Day
In addition, the Company estimates Jubilee field production to average between 105,000 and 115,000 barrels of oil per day in 2013, with the midpoint of the range representing an increase of greater than 50 percent from the 2012 average. Kosmos anticipates a year-end exit rate for 2013 to be above the high end of its annual guidance range. Included in the estimate is a planned two-week shutdown for regular maintenance at the Jubilee floating production, storage, and offloading vessel (FPSO).
Kosmos’ net interest in the estimated 2013 production average is approximately 25,150 barrels of oil per day, at the midpoint of the range. Based on the Company’s crude oil inventory position at the beginning of the year and its expected net portion of 2013 production, Kosmos anticipates selling nine crude oil cargoes during the year. Each crude oil cargo sold represents slightly less than one million barrels of oil and is anticipated to continue trading consistent with Brent crude pricing.
“Elsewhere, we are highly focused on maturing our existing exploration assets to the drilling phase and continuing the build-out of a world-class portfolio of impactful exploration opportunities. Key to our plans for 2013 and beyond is the ability to internally fund our planned investment programs, a result of the successes we have had to date, combined with our disciplined approach to capital spending. We are strongly positioned, both financially and operationally, to continue the momentum we have created and deliver new meaningful value for our shareholders,” Maxted added.
Kosmos’ estimated development program, which totals approximately
As part of the Company’s planned exploration and appraisal activities,
which total approximately
On the Company’s offshore
Also included in the anticipated exploration program for 2013 is an amount for new business opportunities, with the majority allocated for seismic expenditures in the current year.
One of the Company’s strategic goals in 2013 is to secure important co-venturer arrangements in several of its exploration areas. The announced 2013 capital program excludes the impacts of any completed farm-outs during the year.
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 Kosmos expects, believes
or anticipates will or may occur in the future are forward-looking
statements. Kosmos’ 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 Kosmos 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 Kosmos. 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 Kosmos, 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 Kosmos’
Brad Whitmarsh, +1-214-445-9772