Kosmos Signs Deal for Second Well Offshore Ghana

Belford Dolphin
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Kosmos Energy said that it has added a second block offshore the Republic of Ghana to the company's West African portfolio and has secured partners on both blocks. Kosmos and its partners have a rig under contract and plan to drill an exploratory well in 2007.

Kosmos' Ghanaian affiliate, Kosmos Energy Ghana HC, has signed a petroleum agreement covering the Deepwater Tano Block offshore Ghana in the Gulf of Guinea's Tano Basin. Kosmos and its partners will reprocess about 1,100 square kilometers of 3D seismic data and evaluate other technical information as part of the initial phase of the six-and-a-half year exploration agreement.

Kosmos and its partners will utilize the Belford Dolphin-- a dynamically positioned generation-5 deepwater drillship under long-term contract to Anadarko--to drill a well on the West Cape Three Points Block, also in the Tano Basin. The partners expect to spud the well during the second quarter of 2007. The block's seven-year exploration agreement calls for an exploratory well after a 3D seismic survey, which was acquired in 2005.

"We have expanded our asset base in West Africa by acquiring an interest in a second block offshore Ghana, which reaffirms our confidence in the upside potential of the Tano Basin," said James C. Musselman, Kosmos Chairman and Chief Executive Officer. "We are excited about drilling our first well offshore Africa since Kosmos was established in 2003. It is extremely fitting that it is located in this highly prospective region of Ghana.

"We welcome Tullow and Anadarko, our new partners, who are collaborating with us in our Ghanaian venture. They are strong E&P companies who bring vast experience in and a commitment to Africa and are valuable members of our team," Musselman said. "We are pleased to work with the Ghana National Petroleum Corporation, an organization with a talented technical staff. We are dedicated to building a solid, long-term business relationship with the Ghanaian government as we help Ghana develop its natural resources."

Farmout Details

Kosmos farmed out half of its initial 36% interest in the Deepwater Tano Block to Anadarko WCTP Company, an affiliate of Anadarko Petroleum Corporation, which now holds an 18% interest. Other partners in the block include Tullow Ghana Limited, an affiliate of Tullow Oil plc, 49.95% interest and operator, and Sabre Oil and Gas Limited, 4.05% interest. With a 10% participating interest in the project, the Ghana National Petroleum Corporation (GNPC) will be carried through the exploration and development phases.

Kosmos also farmed out portions of its 86.5% interest in Ghana's West Cape Three Points Block to Anadarko and Tullow. Kosmos remains operator and now holds a 30.875% interest in the block. Anadarko has a 30.875% interest, Tullow has a 22.896% interest and Sabre a 1.854% interest in the block. The E.O. Group, a Ghanaian oil and gas company, holds a 3.5% interest in the block. With a 10% participating interest in the project, GNPC will be carried through the exploration and development phases.

Ghanaian Blocks' Statistics

The West Cape Three Points Block comprises 1,761 square kilometers (435,200 acres) in water depths ranging from 50 meters to 1,800 meters (approximately 165 feet to 5,900 feet). The block is about 12 kilometers (7.4 miles) from the Ghanaian coastline and 95 kilometers (59 miles) southwest of the port city of Takoradi.

The Deepwater Tano Block is located west of and adjacent to the West Cape Three Points Block. The Deepwater Tano Block comprises 1,106 square kilometers (273,298 acres) in water depths ranging from 200 meters to 2,060 meters (approximately 656 feet to 6,758 feet).

Kosmos Energy is a privately held international oil exploration and production company with a focus in West Africa.

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