DALLAS--(BUSINESS WIRE)--Apr. 27, 2015--
Kosmos Energy (NYSE: KOS) announced today that the Tortue-1 exploration
well, drilled to test the Tortue West prospect, which forms part of the
Greater Tortue Complex, in Block C-8 offshore Mauritania has made a
significant, play-opening gas discovery.
Based on the preliminary analysis of drilling results and intermediate
logging to a depth of 4,630 meters, Tortue-1 has intersected 107 meters
(351 feet) of net hydrocarbon pay. A single gas pool was encountered in
the primary Lower Cenomanian objective. The Lower Cenomanian is
comprised of three excellent quality multi-Darcy reservoirs totaling 88
meters (288 feet) in thickness over a gross hydrocarbon bearing interval
of 160 meters (528 feet). A fourth zone 19 meters (62 feet) thick was
penetrated within the secondary Upper Cenomanian target over a gross
hydrocarbon bearing interval of 150 meters (492 feet).
Andrew G. Inglis, chairman and chief executive officer, said:
“Volumetrically, the Tortue-1 well has far exceeded our pre-drill
expectations and has discovered a large scale gas resource. Our seismic
imaging indicates the areal extent of Tortue West could cover
approximately 90 square kilometers that will be better defined with
appraisal drilling. Importantly, given the results and excellent
well-to-seismic calibration, the Tortue-1 well has significantly
de-risked our large and under-explored 27,000 square kilometer deepwater
position in Mauritania. Our acreage offers substantial follow-on
prospectivity including a diverse range of Cenomanian as well as deeper
Cretaceous plays and fairways with strong dependency.”
An appraisal program is being planned to delineate the Tortue West
discovery. In addition, the Marsouin-1 exploration well, located in the
central part of Block C-8, is expected to spud in the third quarter of
2015. An exploration program is also being formulated to test the other
prospects in the Greater Tortue Complex, which extends into the St.
Louis Offshore Profond Block in Senegal, including the Tortue East and
Tortue North prospects. In support of this program, a 3D seismic survey
acquired over our Senegal blocks in 2014 is currently being processed
and interpreted.
Brian F. Maxted, chief exploration officer, said: “This significant
play-opening discovery validates our frontier exploration strategy where
we are now one in three in our ‘Second Inning’ campaign. Our results
demonstrate that our organic deepwater exploration business model, which
targets early access to build large acreage positions with significant
follow-on dependent prospectivity, can deliver significant value for our
shareholders.”
Located approximately 285 kilometers southwest of Nouakchott in 2,700
meters of water, and drilled with the Atwood Achiever drillship, the
Tortue-1 well is now drilling to the planned total depth of
approximately 5,250 meters. Kosmos currently owns a 90 percent interest
in the Tortue Prospect, along with Société Mauritanienne Des
Hydrocarbures et de Patrimoine Minier (SMHPM) at 10 percent. Since 2012,
Kosmos has held rights to conduct exploration in the C-8, C-12 and C-13
contract areas under production sharing contracts with the Government of
Mauritania. In March 2015, Chevron Mauritania Exploration Limited, a
wholly owned subsidiary of Chevron Corporation (NYSE: CVX), acquired a
30% non-operated interest in the C-8, C-12 and C-13 contract areas under
production sharing contracts. Chevron has an option to elect to
participate at a 30% interest in the Tortue Prospect, subject to Chevron
paying a disproportionate share of their costs related to the Tortue-1
exploration well. The blocks are contiguous, range in water depth
between 1,000 and 3,000 meters, and have combined acreage of
approximately 27,000 square kilometers.
About Kosmos Energy
Kosmos Energy 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 other major
development projects offshore Ghana, as well as exploration licenses
with significant hydrocarbon potential offshore Ireland, Mauritania,
Morocco, Portugal, Senegal, Suriname, 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 2013
Corporate Responsibility Report. 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 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.
Source: Kosmos Energy
Kosmos Energy
Investor Relations:
Neal Shah, +1-214-445-9628
nshah@kosmosenergy.com
or
Media
Relations:
Thomas Golembeski, +1-214-445-9674
tgolembeski@kosmosenergy.com
