Kosmos Energy Maintains Perfect Drilling Success Record in Ghana
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Company's Mahogany-4 Well Offshore Ghana Appraises Greater Jubilee Area
DALLAS--(BUSINESS WIRE)-- Kosmos Energy announces today that the company's Mahogany-4 well continues the successful appraisal of Jubilee- and Mahogany Deep-age reservoirs offshore the Republic of Ghana on the West Cape Three Points Block. The results of drilling, wireline logs and reservoir fluid samples show the Mahogany-4 appraisal well penetrated net hydrocarbon-bearing pay of at least 43 meters (141 feet) in high-quality stacked sandstone reservoirs over a gross interval of 258 meters. The Mahogany-4 well was drilled by the "Atwood Hunter" semi-submersible rig to a total depth of 3,680 meters (12,074 feet) in a water depth of 1,078 meters (3,537 feet). The well is located about 8 kilometers (km) east of the Mahogany-1, the Jubilee discovery well, and about 4 km northeast of Mahogany-3, the Mahogany Deep discovery well.
The Mahogany-4 well encountered a total of at least 39 meters (128 feet) of oil pay and 4 meters (13 feet) of wet gas pay stacked in four pools in reservoir sands equivalent to those intersected in previous wells. Reservoir fluid samples recovered indicate an oil gravity of approximately 35 degrees API. This well and the Mahogany-3 appraisal well have extended the potentially productive area on the West Cape Three Points Block.
"We are pleased that our efforts to appraise and delineate the Jubilee and Mahogany Deep field areas continue to be successful," said Brian F. Maxted, Kosmos Chief Operating Officer. "Importantly, the results of our recent appraisal wells have validated our geological and geophysical models and demonstrated that the eastern areas of the Mahogany fairway, originally considered to have greater technical risk, contain high-quality oil sands. This provides us with even greater confidence in the upside of this hydrocarbon fairway and optimism for future exploration success."
Following the drilling of the Mahogany-4 well, the "Atwood Hunter" will drill a development well in the Jubilee oil field. Subsequently, the "Atwood Hunter" will drill two wells that will appraise the Odum and Tweneboa discoveries, additional finds that Kosmos and its block partners have made in the area. In addition, Kosmos and its block partners are currently drilling the Mahogany Deep-2 appraisal well using the "Aban Abraham" drillship. The Mahogany Deep-2 well is located 6 km southwest of the Mahogany-4 well. Kosmos has drilled eight consecutive successful exploration and appraisal wells for a 100 percent success rate offshore Ghana.
Kosmos, technical operator for development of the Jubilee Field and operator of the West Cape Three Points Block, drilled the Mahogany-1 exploration well that discovered the Jubilee Field, the world's biggest oil find in 2007 and one of the largest oil discoveries offshore West Africa during the last decade. Kosmos and its partners are executing a phased development plan for the Jubilee Field, which is located on the West Cape Three Points Block and adjacent Deepwater Tano Block. The Jubilee partners expect first oil production to commence in late 2010. The designed production capacity of phase one is 120,000 barrels of crude per day.
Jubilee Unit - Development
Kosmos Energy is the technical operator for development of the Jubilee Unit and holds a 23.491% interest in the unit. An affiliate of Tullow Oil plc (LSE: TLW) is the unit operator and has a 34.705% interest in the unit. Other unit interest holders include a subsidiary of Anadarko Petroleum Corporation (NYSE: APC) with a 23.491% interest; Sabre Oil & Gas with a 2.813% interest; EO Group with a 1.750% interest; and Ghana National Petroleum Corporation (GNPC) with a 13.750%, after having exercised its applicable back-in rights for field development.
West Cape Three Points Block
Kosmos Energy is the operator of the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has a 30.875% interest; an affiliate of Tullow Oil plc (LSE: TLW) has a 22.896% interest; the EO Group has a 3.5% interest; Sabre Oil & Gas has a 1.854% interest; and GNPC has a 10% carried interest.
Deepwater Tano Block
Kosmos holds an 18% interest in the Deepwater Tano Block. An affiliate of Tullow Oil plc (LSE: TLW) operates the block with a 49.95% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has an 18% interest; Sabre Oil & Gas has a 4.05% interest; and GNPC has a 10% carried interest.
About Kosmos Energy:
Kosmos Energy is a privately held international oil exploration and production company with a focus in West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects. For additional information, visit www.kosmosenergy.com.
Source: Kosmos Energy
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