Exploration Success in the U.S. Gulf of Mexico | Business & Finance

DALLAS–(Company WIRE)–Jan 19, 2021–

Kosmos Electricity (NYSE/LSE: KOS) declared today an oil discovery in the U.S. Gulf of Mexico at the Winterfell infrastructure-led exploration (“ILX”) nicely (Kosmos doing the job interest 17.5%).

Winterfell was built to take a look at a sub-salt Upper Miocene prospect positioned in Environmentally friendly Canyon Block 944. The properly encountered roughly 26 meters (85 toes) of web oil spend in two intervals.

Andrew G. Inglis, Kosmos Energy’s chairman and chief executive officer reported: “We are pleased to have started off the New Yr with exploration success at Winterfell validating our proven basin exploration tactic, which is targeted on lower price tag, quick cycle, reduced carbon improvement options. The Winterfell well was funded by a portion of the proceeds from the partial sale of our frontier exploration portfolio. The perfectly in Inexperienced Canyon Block 944 de-threats prospectivity in a number of neighboring blocks held by Kosmos, with somewhere around 100 million barrels of gross potential in just Kosmos’ acreage position.”

The Winterfell effectively is positioned in roughly 1,600 meters (5,300 feet) of h2o and was drilled to a overall depth of somewhere around 7,000 meters (23,000 toes). An affiliate of Beacon Offshore Electrical power LLC is operator of the Winterfell well. Additional curiosity homeowners incorporate Purple Willow Offshore LLC, Ridgewood Monarch North LLC, CSL Exploration, LP, CL&F Offshore LLC, Houston Energy, L.P., Beacon Offshore Electricity Exploration LLC, and Beacon Asset Holdings LLC. Kosmos will now function with associates on an appraisal plan and growth possibilities. The discovery is situated inside of tie back again length to quite a few existing and planned host services.

The organization also strategies to drill the Zora ILX effectively in the Gulf of Mexico later on in the 12 months.

Kosmos is a full-cycle deepwater independent oil and gas exploration and output company focused alongside the Atlantic Margins. Our important belongings involve output offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as effectively as a environment-class fuel improvement offshore Mauritania and Senegal. Kosmos is listed on the New York Inventory Exchange and London Stock Exchange and is traded less than the ticker image KOS. As an ethical and transparent business, Kosmos is fully commited to doing items the correct way. The Company’s Organization Concepts articulate our determination to transparency, ethics, human rights, protection and the natural environment. Read through extra about this motivation in the Kosmos 2019 Sustainability Report. For extra information and facts, check out www.kosmosenergy.com.

Ahead-Hunting Statements

This press release consists of forward-wanting statements in just the that means of Part 27A of the Securities Act of 1933 and Part 21E of the Securities Exchange Act of 1934. All statements, other than statements of historic info, involved in this push launch that handle functions, activities or developments that Kosmos expects, thinks or anticipates will or might come about in the potential are ahead-searching statements. Kosmos’ estimates and ahead-searching statements are predominantly based mostly on its existing expectations and estimates of upcoming occasions and traits, which affect or might influence its companies and operations. Despite the fact that Kosmos believes that these estimates and ahead-on the lookout statements are based mostly on affordable assumptions, they are topic to many challenges and uncertainties and are produced in gentle of information and facts at present readily available to Kosmos. When used in this press launch, the terms “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar phrases are intended to establish ahead-hunting statements. These statements are matter to a range of assumptions, challenges and uncertainties, lots of of which are past the control of Kosmos, which might lead to real benefits to vary materially from those implied or expressed by the ahead-wanting statements. Even further data on such assumptions, challenges and uncertainties is obtainable in Kosmos’ Securities and Exchange Commission (“SEC”) filings.Kosmos undertakes no obligation and does not intend to update or appropriate these ahead-wanting statements to reflect gatherings or situation transpiring after the day of this push launch, apart from as needed by applicable law. You are cautioned not to place undue reliance on these forward-searching statements, which discuss only as of the date of this push release. All forward-wanting statements are capable in their entirety by this cautionary statement.

Get in touch with: Investor Relations


Industry Key phrase: OIL/Gas Electricity

Resource: Kosmos Electrical power Ltd.

Copyright Company Wire 2021.

PUB: 01/19/2021 02:00 AM/DISC: 01/19/2021 02:00 AM

Copyright Organization Wire 2021.