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Kosmos Energy Ltd - Drilling Update

02/05/18 07:00 GMT
RNS Number : 8548D
Kosmos Energy Limited
05 February 2018
 

 

 

Kosmos ENERGY FINISHES DRILLING REQUIN TIGRE-1 EXPLORATION WELL
OFFSHORE SENEGAL

 

DALLAS - February 5, 2018 - Kosmos Energy (NYSE/LSE: KOS) announced today that it has completed drilling the Requin Tigre-1 exploration well located in Senegal's Saint Louis Offshore Profond block.

 

Requin Tigre-1 was drilled to a total depth of 5,200 meters and was designed to evaluate Cenomanian and Albian reservoirs in a structural-stratigraphic trap, charged from an underlying Neocomian-Valanginian source kitchen. The prospect was fully tested but did not encounter hydrocarbons. Post-well analysis is currently ongoing to determine the reasons it was unsuccessful. The exploration insights from the well, together with our existing knowledge will provide competitive advantage, and meaningfully advance our working understanding of the deepwater Cretaceous petroleum systems offshore Mauritania and Senegal where we believe there is substantial remaining prospectivity in the Company's large acreage position.

 

Andrew G. Inglis, chairman and chief executive officer, said: "With each exploration well drilled, we deepen our understanding of this newly emerging basin, further refining our geologic model and geophysical tools. Requin Tigre was the last well in our second phase of exploration of the deepwater Cretaceous petroleum systems offshore Mauritania and Senegal targeting large basin floor fan structures. We have delivered one success (Yakaar) in four wells in this second phase program, following three successes in three wells (Tortue, Marsouin, Teranga) in the first phase program targeting inboard structures on the slope. Overall we have discovered gross resource of 40 trillion cubic feet, at a net cost of $0.20 per barrel of oil equivalent benefiting from the  partner carry, and have created the potential for two world scale LNG hubs. We will rigorously evaluate our large inventory of prospects across Mauritania and Senegal ahead of the next phase of exploration offshore the two countries".

 

Kosmos was fully carried on the cost of the Requin Tigre well.

 

The drillship will proceed as planned to test two oil prospects offshore Suriname commencing in early second quarter 2018.

 

Kosmos holds an effective 30% participating interest in the Saint Louis Offshore Profond license.  BP holds a 60% participating interest.  The national oil company Société des Pétroles du Sénégal (Petrosen) holds 10%.

 

About Kosmos Energy

Kosmos is a leading independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin. Our assets include existing production and development projects offshore Ghana and Equatorial Guinea, large discoveries offshore Mauritania and Senegal, as well as exploration licenses with significant hydrocarbon potential offshore Suriname, Sao Tome and Principe, Equatorial Guinea, Morocco and Western Sahara. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company's Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos 2016 Corporate Responsibility Report. 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 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' Securities and Exchange Commission ("SEC") filings.  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.

 

Inside Information

This announcement contains inside information. The person responsible for arranging the release of this announcement is Jamie Buckland, Vice President, Investor Relations.

 

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CONTACT:

 

Investor Relations

Jamie Buckland

+44 (0) 203 954 2831

jbuckland@kosmosenergy.com

 

Rhys Williams

+1-214-445-9693

rwilliams@kosmosenergy.com

 

Media Relations

Thomas Golembeski

+1-214-445-9674

tgolembeski@kosmosenergy.com

 

 


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