BUS I N E SS HI G H L I GH TS
Advanced appraisal
of MTA discoveries
Late in 2013, we received approval for the
Mahogany, Teak and Akasa (MTA) appraisal
programs on the West Cape Three Points
contract area. We are continuing to mature
our plans for these areas, which we believe
will be tied back to the Jubilee FPSO. Thus
far, we have drilled ten exploration and
appraisal wells in these three discovery areas.
We expect to complete appraisal on our
West Cape Three Points acreage by the end
of 2014. Developing MTA will build on our
strong foundation in Ghana and deliver
additional cash flows to fund our business.
TEN Development
PROCEEDING
TEN
The Government of
Ghana approved the
plan of development
for the Tweneboa,
Enyenra and Ntomme (TEN) discoveries, a
milestone in Kosmos’ second major offshore
development. The TEN project includes the
drilling and completion of up to 24 wells
anchored by an FPSO vessel. All major
contracts for the FPSO and related subsea
infrastructure have been awarded and first
oil is targeted for 2016.
Brian Maxted
Chief Exploration Officer,
Director, and Founding Partner
BRIAN MAXTED ON
EXPLORATION
PORTFOLIO
EXPANSION
PROSPECTS
MATURED
We expanded our focus on the Atlantic
Margin northward to Ireland, farming into
three licenses in the Porcupine Basin. An
export of our core Cretaceous geologic
theme, this acreage position represents an
opportunity to use our technical expertise
and explore an overlooked area with a
“Jubilee perspective.” This year, we
expect to receive final 3D seismic
data and drilling is scheduled
as early as 2015.
Kosmos has invested more than $100 million
in shooting seismic surveys over the past
three years covering approximately 30,000
square kilometers. In 2013, after receiving encouraging results from the 2D data
acquired offshore Mauritania we fast-tracked
the 3D survey, shooting over 10,000 square
kilometers. We also conducted the largest 3D
survey ever completed offshore Ireland in
the Porcupine Basin.
$100m
Successful
farm-outs
Rig contract secured for
exploration program
Kosmos secured industry-leading partners in its acreage positions offshore
Morocco and Western Sahara. We signed
a farm-out agreement with BP for the
Essaouira, Foum Assaka and Tarhazoute
contract areas in Morocco’s Agadir Basin.
Shortly after, the company executed a
second farm-out for the Cap Boujdour
contract area offshore
Western Sahara with Cairn
Energy. This enables us
to manage costs and
leverage returns.
Kosmos signed a three year contract for
the Atwood Achiever to drill our multi-year,
high-impact exploration portfolio. Achiever
is a new build, highly capable, sixth generation drillship. Once construction is complete,
Achiever is expected to drill the first Cap
Boujdour well offshore Western Sahara.
Finding oil and creating value for
shareholders by opening new petroleum systems is about three things.
First, it takes vision and strong management support, together with a
solid financial position. Kosmos has
a leadership team and board that are
focused on delivering exploration success, as well as development assets to
fund this important work.
Second, it takes a clear objective. Kosmos targets high value, high volume
barrels – and we align our strategy to
achieve this goal. We focus on frontier
and emerging basins in the Atlantic
Margin, targeting specific geological
concepts. We then build a concentrated portfolio with play diversity
and prospect dependency, which is
matured over time and drilled selectively with a rifle-shot approach.
Third, it takes successful execution.
Our explorers are disciplined in their
thinking and process for identifying,
maturing and high-grading opportunities. They generate contrarian ideas
that provide first- or early-mover status which Kosmos can turn into large
acreage positions to manage risks and
ensure a commensurate reward. This
puts Kosmos in a position to make
significant, basin-opening discoveries
at an industry-leading rate of exploration success.