Kosmos Energy Announces Results from Sipo-1 Exploration Well
DALLAS -- May 20, 2013
Kosmos Energy Ltd. (“Kosmos”) (NYSE: KOS) announced today results from the
Sipo-1 exploration well onshore Cameroon. Drilled on the Ndian River Block in
the Rio del Rey Basin, the well was targeting the Miocene Isongo Formation.
The Sipo-1 well was located approximately 14 kilometers (8 miles) onshore and
was drilled to a total depth of 1,725 meters (5,660 feet). Oil and gas shows
evidenced during drilling indicated a working petroleum system; however, the
well failed to encounter commercial reservoirs.
Following the completion of drilling operations, including plugging and
abandoning of the well, the drilling rig will be released. Full well
assessment and the integration of drilling results into the Company’s geologic
models is ongoing to determine forward exploration plans on Kosmos’ onshore
Cameroon acreage position. Kosmos has now completed its drilling program
commitment on the Ndian River Block.
Kosmos holds a 100 percent participating interest in the Ndian River Block.
Associated with the results of the well, the Company will record approximately
$75 million to exploration expense in its second quarter 2013 results.
About Kosmos Energy
Kosmos Energy is a leading independent oil and gas exploration and production
company focused on frontier and emerging areas along the Atlantic Margin. The
Company’s asset portfolio includes existing production and other major project
developments offshore Ghana, as well as exploration licenses with significant
hydrocarbon potential offshore Ireland, Mauritania, Morocco and Suriname and
onshore Cameroon. Kosmos is listed on the New York Stock Exchange and is
traded under the ticker symbol KOS. For additional information, visit
This press release contains forward-looking statements within the meaning of
Section27A of the Securities Act of 1933 and Section21E of the Securities
Exchange Act of 1934. All statements, other than statements of historical
facts, included in this press release that address activities, events or
developments that Kosmos expects, believes or anticipates will or may occur in
the future are forward-looking statements. Kosmos’s estimates and
forward-looking statements are mainly based on its current expectations and
estimates of future events and trends, which affect or may affect its
businesses and operations. Although Kosmos believes that these estimates and
forward-looking statements are based upon reasonable assumptions, they are
subject to several risks and uncertainties and are made in light of
information currently available to Kosmos. When used in this press release,
the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other
similar words are intended to identify forward-looking statements. Such
statements are subject to a number of assumptions, risks and uncertainties,
many of which are beyond the control of Kosmos, which may cause actual results
to differ materially from those implied or expressed by the forward-looking
statements. Further information on such assumptions, risks and uncertainties
is available in Kosmos’s Securities and Exchange Commission (“SEC”) filings.
Kosmos undertakes no obligation and does not intend to update or correct these
forward-looking statements to reflect events or circumstances occurring after
the date of this press release, except as required by applicable law. You are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All forward-looking
statements are qualified in their entirety by this cautionary statement.
Kosmos Energy Ltd.
Brad Whitmarsh, +1-214-445-9772
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