Kosmos Energy (NYSE: KOS) announced today that its Guembeul-1
exploration well, located in the northern part of the St. Louis Offshore
Profond license area in Senegal, has made a significant gas discovery.
Located approximately five kilometers south of the basin-opening
Tortue-1 gas discovery (renamed Ahmeyim) in approximately 2,700 meters
of water, Guembeul-1 was drilled to a total depth of 5,245 meters. The
well encountered 101 meters (331 feet) of net gas pay in two excellent
quality reservoirs, including 56 meters (184 feet) in the Lower
Cenomanian and 45 meters (148 feet) in the underlying Albian, with no
water encountered. Importantly, Guembeul-1 has demonstrated reservoir
continuity as well as static pressure communication with the Tortue-1
well in the Lower Cenomanian, suggesting a single, large gas
accumulation. Moreover, the well has significantly de-risked adjacent
prospectivity, including proving the existence of excellent quality
reservoirs in the Albian. Furthermore, it has provided additional
calibration of our seismic attribute exploration tool, confirming its
reservoir and fluid predicative capability for these primary exploration
targets.
Based on the integration of the Guembeul-1 well results, our Pmean gross
resource estimate for the Tortue West structure has increased to 11 Tcf
from 8 Tcf as a result of greater reservoir (net to gross) confidence in
the Cenomanian, as well as the inclusion of volumes in the Albian.
Accordingly, the Pmean gross resource estimate for the Greater Tortue
Complex has increased to 17 Tcf from 14 Tcf.
Kosmos has also entered into a Memorandum of Understanding (MOU) signed
by Pétroles du Sénégal (Petrosen) and Société Mauritanienne Des
Hydrocarbures et de Patrimoine Minier (SMHPM), the national oil
companies of Senegal and Mauritania, respectively, which sets out the
principles for an intergovernmental cooperation agreement for the
development of the cross-border Greater Tortue resource. The MOU enables
Kosmos and the two governments to work together toward early development
of the field, thereby maximizing value for all stakeholders.
“We are pleased to have delivered another major discovery with our first
exploration well offshore Senegal. Guembeul-1 confirms the presence of a
world class gas resource that extends into both Senegal and Mauritania.
With our successful appraisal program and support of both governments,
the initial gas development is gaining momentum,” said Andrew G. Inglis,
chairman and chief executive officer. “The Guembeul-1 well continues our
100% success rate in the outboard Cretaceous petroleum system offshore
Senegal and Mauritania, which we believe is a strategically important
new oil and gas province and we are focused on unlocking the basin’s
full potential.”
The Atwood Achiever drillship will now proceed to Mauritania to
drill the Ahmeyim-2 delineation well in the southern part of
Mauritania’s Block C-8. This will test the downdip limits of the field
and is expected to complete appraisal of the Tortue West structure.
Kosmos holds a 60 percent interest in the Guembeul-1 well, along with
Timis Corporation Limited at 30 percent and Petrosen at 10 percent.
Since 2014, Kosmos has held rights to conduct exploration in the St.
Louis Offshore Profond and Cayar Offshore Profond license areas under
production sharing contracts with the Government of Senegal.
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 Mauritania, Portugal, Sao Tome and Principe, Senegal, Suriname,
Morocco 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 2014
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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