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Kosmos Energy Announces Second Quarter 2012 Results

Stocks in this article: KOS

Kosmos Energy (NYSE: KOS) announced today financial and operating results for the second quarter of 2012, including a net loss attributable to common shareholders of $25 million, or $0.07 per basic and diluted share. This compares to a pro forma net loss for the second quarter of 2011 of $0.03 per basic and diluted share.

Highlights for the quarter ended June 30, 2012, include:

  • Sold one Jubilee lifting, totaling 997,000 barrels of oil, at a realized price of $112.60 per barrel
  • Enhanced productivity of two additional Phase 1 wells at Jubilee through the acid stimulation program
  • Flow tested the Ntomme-2A well at more than 20,000 barrels of oil per day combined from multiple zones
  • Captured significant new acreage offshore Mauritania, adding 6.7 million gross acres to the Company’s exploration portfolio
  • Executed a joint exploration agreement, subject to customary closing conditions, with Chevron regarding the Company’s offshore Suriname position

Brian F. Maxted, Chief Executive Officer, said, “Kosmos’ second quarter was highly focused on progressing both our near- and long-term growth strategies. At Jubilee, the production outlook is improved as we’ve made good progress resolving the productivity issues impacting Phase 1 wells and we are moving quickly toward first production from Phase 1A. In addition, we anticipate submitting the TEN plan of development for approval as our second offshore development later this year. Our 2012 exploration program is off to a great start with the Wawa discovery, and we have a number of important targets remaining this year, including two significant prospects in Ghana and our first operated well onshore Cameroon. Longer-term, we are making significant progress in the exploration of our other areas, where the processing of seismic data recently acquired offshore Morocco is advancing and we are preparing to initiate a large 3D seismic acquisition program offshore Suriname in the next few weeks.”

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