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Kosmos Energy Announces First Quarter 2012 Results

Stocks in this article: KOS

Kosmos Energy (NYSE: KOS) announced today financial and operating results for the first quarter of 2012, including a net loss attributable to common shareholders of $38 million, or $0.10 per basic and diluted share. This compares to a net loss attributable to common unit holders of $71 million for the first quarter of 2011. Net cash provided by operating activities was $145 million for the first quarter of 2012, as compared to net cash used in operating activities of $10 million in the same period of last year.

Highlights for the quarter ended March 31, 2012, include:

  • Sold one Jubilee lifting, totaling 931 thousand barrels of oil, at a realized price of $124.30 per barrel
  • Performed an acid stimulation on one of the Phase 1 wells at Jubilee
  • Drilled the successful Enyenra-4A appraisal well, confirming a significant downdip extension of the Enyenra oil field
  • Flow tested the Owo-1RA well (discovery well of the Enyenra oil field) at more than 20 thousand barrels of oil per day combined from three zones
  • Discovered a significant oil leg in the Ntomme field with the Ntomme-2A well
  • Expanded the Company’s onshore Cameroon acreage position with the 320 thousand acre Fako block, adjacent to Kosmos’ existing acreage on the Ndian River Block
  • Captured significant new acreage offshore Mauritania, adding 6.7 million gross acres to the Company’s exploration portfolio
  • Completed a 4,940 square kilometer 3D seismic acquisition program offshore Morocco in the Agadir Basin

Brian F. Maxted, Chief Executive Officer, said, “Our first quarter results included a number of significant results for Kosmos, as we made good progress on our 2012 initiatives. We have continued to strengthen our portfolio of exploration opportunities with new acreage acquired onshore Cameroon and offshore Mauritania, and we recently completed our 3D seismic acquisition offshore Morocco. At the TEN project on Deepwater Tano, we have had exceptional appraisal results, and we are progressing to submit the Plan of Development in the near future.”

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