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Kosmos Energy Announces Third Quarter 2012 Results, Including Two Jubilee Liftings

Stocks in this article: KOS

Kosmos Energy (NYSE: KOS) announced today financial and operating results for the third quarter of 2012. The Company reported a net loss attributable to common shareholders of $36 million, or $0.10 per basic and diluted share. Included in the results for the third quarter of 2012 was a $25 million pre-tax charge related to the Company’s oil derivative contracts. For the third quarter of 2011, Kosmos reported net income attributable to common shareholders of $52 million, or $0.13 per basic and diluted share.

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

  • Sold approximately two million barrels of oil net to Kosmos
  • Performed two additional successful acid treatments on Jubilee production wells
  • Exited the quarter with Jubilee production of over 85,000 barrels of oil per day (Bopd) gross
  • Discovered Wawa, a new crude oil and gas-condensate field on the Deepwater Tano Block
  • Successfully flow-tested the Akasa-1 well on the West Cape Three Points Block, indicating productive capacity in excess of 10,000 Bopd
  • Substantially completed a 3,800 square kilometer 3D seismic program on Blocks 42 and 45, offshore Suriname
  • Closed the acquisition of an additional 18.75 percent interest in the Foum Assaka Block, offshore Morocco, increasing the Company’s participating interest to 56.25 percent
  • Executed an agreement to acquire an additional 37.5 percent interest in the Essaouira Block, offshore Morocco, which will increase the Company’s participating interest to 75 percent, subject to final government approvals

Brian F. Maxted, Chief Executive Officer, commented, “Kosmos’ third quarter results were led by strong, sustained production and a number of key exploration successes throughout our portfolio. Jubilee continues to perform at a high level as we advance towards first production from the Phase 1A development. We anticipate submitting the Plan of Development for our second oil project in the near future, and our exploration drilling plans include two exciting upcoming prospects in Ghana, with Okure currently drilling and the Sapele prospect following shortly. In other areas, our teams are preparing to spud the Sipo prospect in Cameroon by the end of the year, and we recently completed a 3D seismic acquisition on our blocks offshore Suriname. In addition, we were able to materially grow our leading acreage position in the Agadir Basin, offshore Morocco. As we close in on the end of 2012, we’ve made great progress in all areas of our business, readying Kosmos for significant future success.”

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