REG - Kosmos Energy Ltd - First Gas at Greater Tortue Ahmeyim LNG Project

Kosmos EnergyAnnouncement

02/01/2025 07:00

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RNS Number : 8865R  Kosmos Energy Limited  02 January 2025

KOSMOS ENERGY ANNOUNCES FIRST GAS AT THE GREATER TORTUE AHMEYIM

LNG PROJECT IN MAURITANIA AND SENEGAL

 

DALLAS, Texas, January 2, 2025 - Kosmos Energy (http://www.kosmosenergy.com/)
(NYSE/LSE: KOS) notes the announcement today from bp plc (operator) that first
gas production has been achieved at the Greater Tortue Ahmeyim (GTA) liquefied
natural gas (LNG) project offshore Mauritania and Senegal.

 

On December 31, 2024, gas from the first phase of GTA started to flow from
wells to the floating production storage and offloading (FPSO) vessel ahead of
delivery to the floating LNG vessel for liquefaction. Once fully commissioned,
GTA Phase 1 is expected to produce around 2.3 million tonnes of LNG per annum
(mtpa) with the floating LNG vessel nameplate capacity of approximately 2.7
mtpa.

 

First gas is a key milestone for the partnership and the governments of
Mauritania and Senegal and an important step for the countries to become a
strategic LNG production hub in West Africa. First LNG production is expected
to follow shortly with the first LNG cargo expected in the first quarter of
2025, which is when we start to recognize revenue from the project.

 

Commenting on first gas production at GTA, Chairman and Chief Executive
Officer Andrew G. Inglis said: "Achieving first gas sets the stage for us to
ramp up production and reach the ~90,000 boepd production target we set two
years ago. With our key growth projects largely delivered and capex falling,
Kosmos is well positioned going into 2025. The company remains focused on
disciplined capital allocation and the generation of free cash flow that
enables us to pay down debt, reduce leverage to less than 1.5x, and enhance
the financial resilience of the company."

 

 

 

About Kosmos Energy

 

Kosmos is a full-cycle, deepwater, independent oil and gas exploration and
production company focused along the offshore Atlantic Margins. Our key assets
include production offshore Ghana, Equatorial Guinea and U.S. Gulf of
Mexico, as well as world-class gas projects
offshore Mauritania and Senegal. We also pursue a proven basin exploration
program in Equatorial Guinea and the U.S. Gulf of Mexico. Kosmos is listed
on the New York Stock Exchange and London Stock Exchange and is traded
under the ticker symbol KOS. 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 Sustainability
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.

Management does not provide a reconciliation for forward looking non GAAP
financial measures where it is unable to provide a meaningful or accurate
calculation or estimation of reconciling items and the information is not
available without unreasonable effort. This is due to the inherent difficulty
of forecasting the occurrence and the financial impact of various items that
have not yet occurred, are out of our control or cannot be reasonably
predicted. For the same reasons, management is unable to address the probable
significance of the unavailable information. Forward looking non GAAP
financial measures provided without the most directly comparable GAAP
financial measures may vary materially from the corresponding GAAP financial
measures.

 

Investor Relations

Jamie Buckland

+44 (0) 203 954 2831

jbuckland@kosmosenergy.com

 

 

Media Relations

Thomas Golembeski

+1-214-445-9674

tgolembeski@kosmosenergy.com

 

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