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REG - Kosmos Energy Ltd - Start Up of the Jubilee South East Project

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RNS Number : 9853F  Kosmos Energy Limited  14 July 2023

START UP OF THE JUBILEE SOUTH EAST PROJECT

A key milestone for Ghana and the partnership

 

DALLAS - July 14, 2023 -- Kosmos Energy Ltd. ("Kosmos" or the "Company")
(NYSE/LSE: KOS) alongside its joint venture partners Tullow Oil plc
(operator), Ghana National Petroleum Corporation and Petro SA is pleased to
announce the successful start-up of the Jubilee South East (JSE) project,
offshore Ghana.

 

The first JSE production well has been brought onstream with a second JSE
production well expected onstream this month. These two wells are expected to
take Jubilee production to over 100,000 bopd gross. An additional production
well and water injection well are expected online later this year, which
should further enhance production.

 

The partnership plans to maintain this increased level of production at
Jubilee over the next few years through an ongoing infill drilling program.
The partnership has identified multiple future drilling locations and is
focused on high-grading these opportunities to further extend the plateau and
realize the full potential of the significant Jubilee resource base.

 

As the operator notes in its press release today, the partnership has invested
c. $1 billion over the last three years on the JSE project to drill wells and
install the infrastructure needed to bring previously undeveloped reserves to
production. The project has advanced the use of local suppliers and the
majority of the complex offshore infrastructure has been fabricated by local
companies in Ghana with more than 90% local workforce. This demonstrates the
evolution of the Ghanaian supplier base that can now support substantial
elements of its oil and gas industry and is testament to the partnership's
commitment to developing local capacity.

 

Commenting on the start-up of the Jubilee South East project, Chairman and
Chief Executive Officer Andrew G. Inglis said: "This is a significant
milestone for Ghana and for the partnership, with growing production expected
to drive higher revenues for the country and partners for years to come.
Delivery of Jubilee South East is the first of three major growth projects for
Kosmos. This catalyst represents the inflection point of rising production and
lower capital that we expect will flow through 2H23 into 2024. We believe
Jubilee has the potential to deliver in excess of a billion barrels of oil
equivalent gross, generating material value for the people of Ghana, the
partnership and our investors."

 

About Kosmos Energy

 

Kosmos is a full-cycle deepwater independent oil and gas exploration and
production company focused along the Atlantic Margins. Our key assets include
production offshore Ghana, Equatorial Guinea and the U.S. Gulf of Mexico, as
well as a world-class gas development offshore Mauritania and Senegal. We also
maintain a sustainable proven basin exploration program in Equatorial Guinea,
Ghana 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.

 

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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