Kosmos Acquires Stake in Block 4 Offshore Benin

Kosmos Energy's affiliate, Kosmos Energy Benin HC, has acquired a 40% working interest in a newly amended petroleum exploration license for Block 4 offshore the Republic of Benin in the Gulf of Guinea's Dahomey Basin.

Previous drilling has confirmed the presence of a working petroleum system on Block 4, which comprises 9,953 square kilometers (1.9 million acres) in water depths ranging from 100 meters to more than 3,000 meters (approximately 330 feet to 10,000 feet). The block is located about 30 kilometers (19 miles) offshore the coastal city of Cotonou.

Kosmos' partners on the block are Kerr-McGee Benin Consortium S.A., an affiliate of Kerr-McGee Corporation and operator of the project with a 40% working interest, and Petronas Carigali Overseas Sdn Bhd, a subsidiary of PETRONAS with a 20% working interest.

Later this year, Kosmos and its partners will conduct a 3D seismic survey as part of the multi-year exploration and exploitation agreement. After processing and interpreting the seismic data, the partners plan to drill an exploratory well.

"We are excited about capturing such a major acreage position in this highly prospective region offshore West Africa," said James C. Musselman, Kosmos Chairman and Chief Executive Officer. "This is a significant opportunity that offers Kosmos a wide range of challenging and rewarding exploration plays.

"We are privileged to join forces with seasoned industry players Kerr McGee and Petronas to create and develop value. In addition, we look forward to collaborating with our host government, the Republic of Benin, to help that country develop its hydrocarbon assets for the betterment of its people," Musselman added.

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