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
