KOSMOS ENERGY PROVIDES SURINAME ACTIVITY UPDATE
DALLAS, Texas, May 21, 2018 - Kosmos Energy (NYSE/LSE: KOS) today gives an update on current activity in Suriname.
The Anapai-1 well drilling in Block 45 offshore Suriname encountered shallow bore hole stability issues before reaching the target interval. Kosmos and its partner will re-spud the well, Anapai-1A, targeting the same objectives. The well design has been reconfigured to address the issues previously encountered. Anapai-1A is expected to spud imminently, and will take approximately 50 to 60 days to drill with results expected early in the third quarter. Kosmos' share of the costs incurred to date on drilling the Anapai well is approximately $20 million.
In Block 42, the partnership is finalizing the first of up to three independent tests of prospects in the block. This includes the Pontoenoe prospect, which is similar to and along trend from the discoveries in Guyana. Kosmos anticipates drilling starting in the third quarter of this year.
Kosmos holds rights in the Block 45 and Block 42 contract areas under production sharing contracts with the Government of Suriname's Staatsolie Maatschappij Suriname N.V. ("Staatsolie"). Kosmos (50 percent) is the exploration operator of Block 45 and is joined by its partner Chevron (50 percent). Kosmos (33.33 percent) is the exploration operator of Block 42 and is joined by its partners Chevron (33.33 percent) and Hess Corporation (NYSE:HES) (33.33 percent).
About Kosmos Energy
Kosmos is a well-capitalized, pure play deepwater oil and gas company with growing production, a pipeline of development opportunities and a balanced exploration portfolio along the Atlantic Margins. Our assets include growing production offshore Ghana and Equatorial Guinea, a competitively positioned Tortue gas project in Mauritania and Senegal and a sustainable exploration program balanced between proven basins (Equatorial Guinea), emerging basins (Mauritania, Senegal and Suriname) and frontier basins (Cote d'Ivoire and Sao Tome and Principe). 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 2016 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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