Kosmos Energy Announces Gulf of Mexico Appraisal Success at Winterfell
January 18 2022 - 2:00AM
Business Wire
Kosmos Energy (NYSE/LSE: KOS) (“Kosmos” or the “Company”)
announced today completion of the drilling of the Winterfell-2
appraisal well on Block 943 in the Green Canyon area of the U.S.
Gulf of Mexico.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20220117005493/en/
Winterfell discovery area in the U.S.
Gulf of Mexico (Graphic: Business Wire)
The Winterfell-2 well (Kosmos working interest ~16.4%), was
drilled to evaluate the adjacent fault block to the northwest of
the original Winterfell discovery and was designed to test two
horizons that were oil bearing in the Winterfell-1 well, with an
exploration tail into a deeper horizon.
The well discovered approximately 40 meters (~120 feet) of net
oil pay in the first and second horizons with better oil saturation
and porosity than pre-drill expectations. The exploration tail has
discovered an additional oil-bearing horizon in a deeper reservoir
which is also prospective in the blocks immediately to the north.
The results of this appraisal well further define the resource
potential in the central Winterfell area, with the current estimate
around 100 million barrels gross.
Separately, Kosmos has farmed down an interest in the two blocks
immediately to the north of the Winterfell discovery to the owners
of the central Winterfell discovery in exchange for cash
consideration and the retention of an overriding royalty interest.
This aligns the partnership and provides the ability to further
scale the development with low-risk follow-on drilling. Kosmos will
retain a 35% working interest in the two blocks, which have been
significantly de-risked following the results of the Winterfell-1
and Winterfell-2 wells. The Winterfell complex is located within
tie back distance to several existing and planned host facilities
and the partnership is working to define the development plan.
Andrew G. Inglis, Kosmos Energy’s chairman and chief executive
officer said: “The positive result from Winterfell-2 appraisal well
demonstrates the greater potential in the Winterfell area. The well
results are encouraging and provide the support needed to advance a
low-cost, lower-carbon development scheme that could be brought
online in around two years.”
The Winterfell-2 well is located in approximately 1,600 meters
(~5,800 feet) of water and was drilled to a total depth of
approximately 8,700 meters (~28,500 feet). An affiliate of Beacon
Offshore Energy LLC is operator of the Winterfell-2 well.
Additional interest owners include Red Willow Offshore LLC,
Ridgewood Monarch North LLC, CSL Exploration, LP, CL&F Offshore
LLC, Houston Energy, L.P., Beacon Offshore Energy Exploration LLC,
and Beacon Asset Holdings LLC.
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. 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 our 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.
Management does not provide a reconciliation for forward looking
non GAAP financial measures where it is unable to provide a
meaningful or accurate calculation or estimation of reconciling
items and the information is not available without unreasonable
effort. This is due to the inherent difficulty of forecasting the
occurrence and the financial impact of various items that have not
yet occurred, are out of our control or cannot be reasonably
predicted. For the same reasons, management is unable to address
the probable significance of the unavailable information. Forward
looking non GAAP financial measures provided without the most
directly comparable GAAP financial measures may vary materially
from the corresponding GAAP financial measures.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220117005493/en/
Investor Relations Jamie Buckland +44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media Relations Thomas Golembeski +1-214-445-9674
tgolembeski@kosmosenergy.com
Kosmos Energy (NYSE:KOS)
Historical Stock Chart
From Mar 2024 to Apr 2024
Kosmos Energy (NYSE:KOS)
Historical Stock Chart
From Apr 2023 to Apr 2024