DALLAS--(BUSINESS WIRE)--May 18, 2015--
Kosmos Energy (NYSE: KOS) announced today that the Tortue-1 exploration
well in Block C8 offshore Mauritania has encountered additional
hydrocarbons while drilling to total depth to evaluate the deeper Albian
stratigraphy.
Based on the preliminary analysis of drilling results, Tortue-1 has
intersected approximately 10 meters (32 feet) of net hydrocarbon pay in
the lower Albian section, which is currently interpreted to be gas. This
is in addition to the previously announced 107 meters (351 feet) of net
pay encountered in the Cenomanian, which was the primary objective. The
well was drilled beyond the primary objective to obtain deeper
stratigraphic information and enable seismic calibration of the Albian,
which will be tested in subsequent wells. Down to total depth drilled,
no water was encountered in the well.
Brian F. Maxted, chief exploration officer, said: “We are encouraged by
the presence of additional hydrocarbons in the deeper portion of the
well. This suggests we have a working hydrocarbon system in both the
Albian and Cenomanian sequences. While the Albian was not the primary
objective of the Tortue-1 well, the presence of additional hydrocarbons
in the Albian further de-risks other prospects in the Greater Tortue
Complex which include primary reservoir targets in both the Albian and
underlying Aptian.”
Located approximately 285 kilometers southwest of Nouakchott in 2,700
meters of water, and drilled with the Atwood Achiever drillship, the
Tortue-1 well was drilled at a total cost of approximately $125 million
to a total depth of approximately 5,100 meters. The Tortue discovery
area has also been renamed Ahmeyim. Kosmos currently owns a 90 percent
interest in the Ahmeyim discovery, 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 C8, C12 and C13
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 C8, C12 and C13 contract areas under
production sharing contracts. Chevron has an option to elect to
participate at a 30% interest in Ahmeyim, 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.
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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
