REG - Kosmos Energy Ltd - First Oil at Winterfell

Kosmos EnergyAnnouncement

03/07/2024 07:00

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RNS Number : 8792U  Kosmos Energy Limited  03 July 2024

KOSMOS ENERGY ANNOUNCES FIRST OIL PRODUCTION AT WINTERFELL

IN THE U.S. GULF OF MEXICO

 

DALLAS - July 3, 2024 -- Kosmos Energy Ltd. ("Kosmos" or the "Company")
(NYSE/LSE: KOS) announced today the successful start-up of oil production at
the Winterfell development in the Green Canyon area of the U.S. Gulf of
Mexico.

 

Winterfell (Kosmos 25.04% working interest) is a phased development with the
initial two production wells of the first phase now online and ramping up
production.  A third well is currently being drilled and is expected to be
online by the end of the third quarter of 2024. The three initial wells are
expected to deliver gross production of approximately 20,000 barrels of oil
equivalent per day (boepd).

 

Commenting on the start-up of oil production at Winterfell, Chairman and Chief
Executive Officer Andrew G. Inglis said: "The startup of Winterfell is
another significant milestone for Kosmos as we continue to deliver the
projects to achieve our growth targets by year-end 2024. With high margin
barrels, low carbon intensity and a quick expected payback, Winterfell has the
right characteristics for Kosmos' portfolio. Kosmos is eager to continue
developing the Greater Winterfell area which we believe has significant future
upside potential."

 

Winterfell is a Miocene-aged field discovered in 2021 in water depth of
approximately 5,400 feet (~1,600 meters). The field has been developed via a
13-mile subsea tieback to the host platform. Following the successful drilling
and completion of the first two wells and subsea hookup in April 2024, delays
in subsequent work resulted in first oil slightly later than initially
anticipated.  The first phase of the development, with five wells in total,
is expected to deliver around 100 million barrels of oil equivalent with
upside from subsequent phases. The Winterfell unit consists of Green Canyon
blocks 899, 900, 943, 944, 987 and 988 with follow-on opportunities in
adjacent blocks where Kosmos also has an interest.

 

The other partners in the Winterfell unit are Beacon Offshore Energy
(operator), Westlawn Americas Offshore, Red Willow, Alta Mar Energy, and CSL
Exploration.

 

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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