TEN Project continues
DALLAS--(BUSINESS WIRE)--Apr. 27, 2015--
Kosmos Energy (NYSE: KOS) announced today that the Special Chamber of
the International Tribunal of the Law of the Sea (ITLOS) has issued its
order in response to the provisional measures requested by the
Government of Côte d’Ivoire in its ongoing maritime boundary dispute
with the Government of Ghana.
Importantly, ITLOS rejected the request that Ghana suspend all ongoing
exploration and development operations in the disputed area in which the
Tweneboa, Enyenra, and Ntomme (TEN) project is situated until ITLOS
gives its decision on the maritime boundary dispute, which is expected
in late 2017. ITLOS ordered Ghana to suspend new drilling in the
disputed area.
Kosmos is not a party to this arbitration process and will now await a
decision by the Government of Ghana on how it will implement the
provisional measures order. However, we fully expect TEN development
activities will continue as planned.
The project is now more than 55 percent complete with all of the wells
expected to be online at first oil already drilled. First oil is
expected in the second half of 2016.
Andrew G. Inglis, chairman and chief executive officer, said: “We are
pleased the TEN project can continue, and we remain confident that the
boundary, as it has been drawn and respected by both Ghana and Côte
d’Ivoire for over four decades based on the principle of equidistance,
is both factually and legally correct, and will ultimately be sustained
in this arbitration. It is also important to note that the provisional
measures granted do not affect the Jubilee field.”
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
