Offshore Ghana Focus of Kosmos 2013 Spending

Kosmos Energy's development plans for 2013 focus primarily offshore Ghana, approximately 55 percent of the total anticipated amount, with the remaining 45 percent allocated for exploration and appraisal activities across Kosmos' global exploration portfolio, the company said in a statement.

Kosmos expects for Jubilee's field production to average between 105,000 and 115,000 barrels of oil per day in 2013, with the midpoint of the range representing an increase of greater than 50 percent from last year's average. This estimate includes the operator's plans for a two-week shut-down of Jubilee's FPSO for regular maintenance.

"Our plans for the year include advancing the development of the world-class Jubilee field, as well as further progress our other discoveries offshore Ghana," stated Brian F. Maxted, Chief Executive Officer. "Jubilee continues to demonstrate outstanding performance, with current field deliverability substantially above the FPSO capacity."

Kosmos plans to further develop the Jubilee field, with majority of the focus on the ongoing implementation of Phase 1A at the field. It estimates finalizing the drilling and completion of all Jubilee Phase 1A production and water injection wells by the middle part of the year.

The company is also allocating funds for the initiation of development at TEN (Tweneboa, Enyenra, and Ntomme), as well as additional appraisal activities and development studies for Mahogany, Teak and Akasa. The TEN plan of development, which represents Kosmos' second major project development, has been submitted to the government of Ghana and is awaiting approval.

Furthermore, the operator plans to participate in two near-term exploration wells – the Sapele prospect and the Sipo-1 prospect. The Sapele prospect is currently being drilled on the Deepwater Tano Block offshore Ghana with results expected by the end of February 2013. Sipo-1, which is located onshore Cameroon on the Ndian River Block is expected for spudding in early February. Results from this well are anticipated around the end of the first quarter 2013.

Kosmos' planned capital program provides for additional geologic studies, as well as further processing and interpreting of 3D data already acquired on the Agadir Basin Blocks offshore Morocco. Included in the 2013 capital program are funds for the completion of the company's acquisition of an additional 37.5 percent interest in the Essaouira Block, which was previously announced. First drilling offshore Morocco is targeted to commence as early as late 2013.

In Mauritania, Kosmos anticipates commencing a large 2D seismic survey in the first half of this year, to be followed by a 3D seismic program later in 2013. Offshore Suriname, the company anticipates additional spending related to the processing and interpreting of a 3D seismic survey which was acquired in late 2012.


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