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February 3, 2014
08:03 EDTKOSKosmos announces 140% reserve replacement ratio, 2014 capital program
Kosmos Energy announced an oil and gas reserve replacement ratio of 140% supported by increased oil reserves in the Jubilee field. Additionally, the company reported a 2014 capital spending plan of approximately $575M. 2013 capital spend came in under budget at $425M primarily related to the deferral of certain development and appraisal activities into 2014. As a result, the company’s overall liquidity position at year-end 2013 was stronger than expected with cash and cash equivalents of $598M and total available liquidity of $1.2B. Ghana-related development and appraisal capital spending comprises approximately two-thirds of the 2014 forecast program, with around $70M of the Ghana expenditure ascribed to spending deferred from 2013. The remaining one-third is allocated for exploration activities and reflects the benefits of last year’s farm-out initiatives in Morocco. The company’s 2014 Ghana development and appraisal activity is targeted at around $400M, about equally divided between the Greater Jubilee and TEN projects. As part of the company’s planned exploration activities, which total approximately $175M for the year, Kosmos expects to participate in the drilling of two offshore exploration wells.
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