Kosmos Energy Limited Start Up of the Jubilee South East Project (9853F)
14 Julio 2023 - 1:00AM
UK Regulatory
TIDMKOS
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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