Kosmos Energy Announces Extension of the Teak Discovery with Successful Appraisal Well Offshore Ghana
DALLAS, Nov 17, 2011 (BUSINESS WIRE) -- Kosmos Energy (NYSE: KOS) announced today that the Teak-3A appraisal well has confirmed a northern extension of the Teak discovery on the West Cape Three Points Block offshore Ghana. The Teak-3A well is located approximately 4 kilometers (2.5 miles) north of Teak-1 and was designed to test the potential structural and stratigraphic extension of reservoirs encountered in the original discovery well.
Analysis of well results, including wireline logs, reservoir pressures and fluid samples indicate that the Teak-3A well encountered approximately 35 meters (115 feet) of hydrocarbons in multiple good-quality reservoirs. The analysis identified 13 meters (43 feet) of 36-39 degree API gravity and 22 meters (72 feet) of gas-condensate pay. The hydrocarbon-bearing reservoirs encountered were Campanian and Turonian in age and similar to those seen in the discovery well.
Brian F. Maxted, President and Chief Executive Officer, said "The extension of the Teak discovery is a significant milestone in progressing the appraisal and delineation of this field. We have confirmed the presence of a number of hydrocarbon pools in Teak-3A and significantly extended the productive area of the discovery. While more operational work and technical studies will be necessary to fully define the field, we are very encouraged by the result, which gives further momentum for additional development of the resources discovered on our operated block. Our appraisal and delineation programs continue to generate substantial value for Kosmos, and we look forward to a number of additional near-term appraisal and exploration well results."
The "Transocean Marianas" semisubmersible drilled the Teak-3A well to a total depth of 3,222 meters (10,571 feet) in 444 meters (1,457 feet) of water. Following the completion of operations at Teak-3A, the rig will be released to another operator. Kosmos anticipates drilling the Teak-4A appraisal well in the second quarter of 2012. Additional appraisal at Teak is being planned for the second half of 2012.
West Cape Three Points Block Ownership Interest
Kosmos Energy is the operator of the West Cape Three Points Block with a 30.875% interest. Anadarko Petroleum Corporation has a 30.875% interest, Tullow Oil plc has a 26.396% interest, Sabre Oil & Gas Holdings Limited has a 1.854% interest; and the Ghana National Petroleum Corporation has a 10% carried interest.
About Kosmos Energy
Kosmos Energy Ltd. is an international oil and gas exploration and production company focused on underexplored regions in Africa. The Company's asset portfolio includes major discoveries and exploration prospects with significant hydrocarbon potential in several West African countries. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit http://www.kosmosenergy.com.
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
Brad Whitmarsh, +1-214-445-9772