Kosmos Energy Announces Plan of Development Approval for TEN Project Offshore Ghana

Before you go, we thought you'd like these...
Before you go close icon

Kosmos Energy Announces Plan of Development Approval for TEN Project Offshore Ghana

DALLAS--(BUSINESS WIRE)-- Kosmos Energy Ltd. ("Kosmos") (NYS: KOS) announced today that the Government of Ghana has formally approved the Plan of Development ("PoD") for the Tweneboa-Enyenra-Ntomme ("TEN") discoveries. Approval of the PoD paves the way for Kosmos and its co-venturers, Tullow Oil, Anadarko Petroleum, PetroSA, and the Ghana National Petroleum Corporation to proceed with the development of the discoveries, with associated major contracts expected to be finalized and subsequently awarded.

The TEN project is located in the Deepwater Tano Block, 60 kilometers (37 miles) offshore Ghana and approximately 30 kilometers (18 miles) west of the Jubilee Field. The TEN project is expected to deliver first oil in 2016, with a plateau production rate of 80,000 barrels of oil per day. Future development of gas resources at TEN is anticipated following the commencement of oil startup.

Development of TEN will include the drilling and completion of up to 24 development wells, with half of the wells designed as producers and the remainder for water and gas injection to support ultimate field recoveries. The wells will be connected through subsea infrastructure to a Floating, Production, Storage, and Offloading vessel (FPSO), moored in approximately 1,500 meters (4,920 feet) of water.

Darrell McKenna, Chief Operating Officer, commented, "The approval of the TEN Plan of Development by the Government of Ghana is a positive milestone towards first production from the country's second major offshore development."

Following approval of the TEN PoD, Kosmos holds a 17 percent participating interest in the Deepwater Tano Block. The Company's co-venturers include Tullow Oil plc as operator (47.18 percent), Anadarko Petroleum (17 percent), Sabre Oil & Gas Holdings Ltd., a wholly owned subsidiary of Petro SA (3.82 percent), and the Ghana National Petroleum Corporation (15 percent).

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 www.kosmosenergy.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E 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
Investor Relations
Brad Whitmarsh, +1-214-445-9772

KEYWORDS:   United States  North America  Ghana  Africa  Texas


The article Kosmos Energy Announces Plan of Development Approval for TEN Project Offshore Ghana originally appeared on Fool.com.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.

Read Full Story

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

People are Reading