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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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March 2, 2015
10:02 EDTKOSHigh option volume stocks
05:34 EDTKOSKosmos provides update on FY15 exporation drilling program
Kosmos Energy announced that the CB-1 exploration well located in the Cap Boujdour permit area offshore Western Sahara encountered hydrocarbons. The well penetrated approximately 14 meters of net gas and condensate pay in clastic reservoirs over a gross hydrocarbon bearing interval of approximately 500 meters. The discovery is non-commercial, and the well will be plugged and abandoned. Located approximately 170 km offshore in 2,135 meters of water, the CB-1 well was drilled on plan to a total depth of 5,700 meters at a net cost to Kosmos of approximately $85M. Kosmos has held rights to conduct exploration activities in the Cap Boujdour permit area since 2006 under a petroleum agreement with the Government of Morocco’s Office National des Hydrocarbures et des Mines, or ONHYM. Kosmos operates the Cap Boujdour license with 55% equity and is joined by its partners ONHYM and Capricorn Exploration and Development Company Limited, a wholly owned subsidiary of Cairn Energy (CRNCY).
February 23, 2015
08:18 EDTKOSKosmos reports Q4 Jubilee field gross production averaged 100 bopd
In the fourth quarter of 2014, Jubilee field gross production averaged nearly 100,000 bopd. For the full year of 2014, Jubilee field production averaged approximately 102,000 bopd. Gas export commenced in November and full commissioning of the onshore natural gas processing facility is ongoing. In 2015, gas exports are expected to increase, enabling oil production from the field to rise towards field plateau. The Tweneboa, Enyenra and Ntomme project, the second major oil development project in Ghana, remains within budget and on-track to deliver first oil in the second half of 2016. The project is now greater than 50 percent complete with all 10 of the wells expected to be online at first oil already drilled. Activity is expected to increase in 2015 as completions begin and fabrication continues in advance of installation. The appraisal for the Mahogany, Teak and Akasa discoveries within the Greater Jubilee area was completed in December as scheduled. The results of the appraisal will be combined with the partnership’s views on additional phases of development at Jubilee. A plan for the full field development of Jubilee and MTA is expected to be presented to the Government of Ghana in 2015. The CB-1 well targeting the Al Khayr prospect offshore Western Sahara was spud on December 19, 2014. Operations are ongoing and we expect well results in early March.
08:17 EDTKOSKosmos sees FY15 total CapEx roughly $800M
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08:17 EDTKOSKosmos reports proved net reserves at end of 2014 75 BOE
The company’s proved net reserves at the end of 2014 were 75 million barrels of oil equivalent, an increase of 28 million barrels of oil equivalent from year-end 2013. The year-end 2014 volumes also include natural gas reserves of 2 million barrels of oil equivalent, slightly higher than in 2013, which represents only the gas anticipated to be used for power generation on the Jubilee and TEN floating production, storage and offloading vessels.
08:16 EDTKOSKosmos reports Q4 EPS 33c, may not compare to consensus (6c)
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