DALLAS--(BUSINESS WIRE)--Mar. 2, 2015--
Kosmos Energy (NYSE: KOS) announced today that the CB-1 exploration well
located in the Cap Boujdour permit area offshore Western Sahara
encountered hydrocarbons. The well penetrated approximately 14 meters of
net gas and condensate pay in clastic reservoirs over a gross
hydrocarbon bearing interval of approximately 500 meters. The discovery
is non-commercial, and the well will be plugged and abandoned.
Andrew G. Inglis, chairman and chief executive officer, said: “The CB-1
exploration well was designed to open the frontier Laâyoune Basin by
testing the Al Khayr Prospect. While not a commercial find, this first
well in the basin has significantly de-risked further exploration by
demonstrating a working petroleum system, including the presence of a
hydrocarbon charge, as well as effective trap and seal. The well results
confirm the substantial exploration potential of our 22,000 square
kilometer Cap Boujdour block, which includes a diverse range of
independent plays and fairways with multiple prospects. Going forward,
the key exploration challenge is finding reservoirs of commercial size
and quality. We will analyze the information gathered from CB-1 and
integrate it with the additional 3D seismic data we recently acquired to
refine our exploration plan, including deciding on the location and
timing of a potential second well. The Atwood Achiever drillship will
now proceed to Mauritania as planned to test the Tortue Prospect.”
Located approximately 170 kilometers offshore in 2,135 meters of water,
the CB-1 well was drilled on plan to a total depth of 5,700 meters at a
net cost to Kosmos of approximately $85 million. Kosmos has held rights
to conduct exploration activities in the Cap Boujdour permit area since
2006 under a petroleum agreement with the Government of Morocco’s Office
National des Hydrocarbures et des Mines (ONHYM). Kosmos operates the Cap
Boujdour license with 55 percent equity and is joined by its partners
ONHYM (25 percent) and Capricorn Exploration and Development Company
Limited, a wholly owned subsidiary of Cairn Energy PLC (20 percent).
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 (including Western Sahara), and Suriname. 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
