Gulf of Mexico Drilling Update
November 26 2019 - 2:00AM
Business Wire
Kosmos Energy (NYSE: KOS) (LSE: KOS) announced today that it has
completed drilling the Resolution exploration well (Kosmos 50%, BP
50%) in the U.S. Gulf of Mexico.
Resolution was designed to test an amplitude-supported sub-salt
prospect in the underexplored western Garden Banks area. The well
encountered reservoir quality sands; however, the primary
exploration objective proved to be water bearing. The well will now
be plugged and abandoned and the well results integrated into the
ongoing evaluation of the surrounding area.
Kosmos expects to spud the Oldfield prospect (Kosmos 40%, Hess
60%) in early December with results in the first quarter of 2020.
In addition, Kosmos continues to high grade its multi-year
infrastructure-led exploration prospect inventory in the Gulf of
Mexico with a further three wells expected in 2020.
The Resolution well was located in approximately 600 meters of
water and was drilled to a total depth of approximately 7,700
meters. Kosmos expects to record approximately $55 million of
exploration expense in the fourth quarter related to the drilling
of the Resolution exploration well.
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas
exploration and production company focused along the Atlantic
Margins. Our key assets include production offshore Ghana,
Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class
gas development offshore Mauritania and Senegal. We also maintain a
sustainable exploration program balanced between proven basin
infrastructure-led exploration (Equatorial Guinea and U.S. Gulf of
Mexico), emerging basins (Mauritania, Senegal and Suriname) and
frontier basins (Cote d'Ivoire, Namibia and Sao Tome and Principe).
Kosmos is listed on the New York Stock Exchange and London Stock
Exchange and is traded under the ticker symbol KOS. 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 2018
Corporate Responsibility Report. 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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version on businesswire.com: https://www.businesswire.com/news/home/20191125005830/en/
Investor Relations Jamie Buckland +44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Rhys Williams +1-214-445-9693 rwilliams@kosmosenergy.com
Media Relations Thomas Golembeski +1-214-445-9674
tgolembeski@kosmosenergy.com
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