Kosmos Energy Announces 2014 Production Outlook
Jubilee Field Unit Operator Provides Revised Production Forecast
Based on the operator’s revised production guidance, Kosmos’ net interest in the field’s 2014 production is approximately 24,100 Bopd, similar to 2013 net production levels. As a result, Kosmos currently expects to sell eight crude oil cargoes during 2014.
The revised forecast is unrelated to reservoir performance and well productivity, which remain strong. The new forecast primarily stems from the recently completed third gas injection well which started up in the fourth quarter of 2013 and provided minimal relief. Additionally, delays in restoring full water injection during 2013 further compounded the gas handling challenges. Restoration of full water injection was achieved late in the fourth quarter.
Short, medium and longer-term options to ameliorate the situation in the
best interest of all stakeholders are being discussed with Ghanaian
authorities. The Ghana National Gas Company’s
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’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 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’s