Kosmos Energy Announces New Exploration Licenses Offshore Suriname

abarrelfullabarrelfull wrote on 15 Dec 2011 06:45
Tags: kosmos morrocco suriname upstream

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Kosmos Energy (NYSE: KOS) announced today that it has executed two Production Sharing Contracts with Staatsolie Maatschappij Suriname N.V., the national oil company of Suriname, for Blocks 42 and 45 offshore Suriname. The addition of the acreage is a significant expansion of the Company’s exploration portfolio and represents Kosmos’ first acreage acquisition outside of West Africa.

Combined, the two blocks cover an area of nearly 3 million gross acres, in water depths of between 650 and 8,500 feet. Block 42 is an area of over 1.5 million acres and block 45 is approximately 1.3 million acres. Kosmos will be operator of both blocks with a 100 percent working interest. Neither of the blocks has previously been drilled. In the initial exploration phase under each of the contracts, Kosmos plans to acquire 3D seismic data. The Company targets first drilling as early as 2014.

Paul Dailly, Senior VP of Exploration, commented, “Kosmos is delighted to have captured this significant exploration opportunity in a recently-proven hydrocarbon system. Consistent with our strategy to focus in frontier and emerging areas with substantial upside, we were able to obtain early access to a very large acreage position. The concept is an extension of the Upper Cretaceous stratigraphic play system that we unlocked on the West African side of the South Atlantic Transform Margin. We have now exported that same geologic theme to a new geography, and we look forward to progressing towards first drilling.”

Morocco Update

Kosmos Energy also announced that it has entered into a Reconnaissance Contract for the Tarhazoute Block offshore the Kingdom of Morocco. Covering 1.9 million gross acres in water depths of between 3,250 and 8,200 feet, the Tarhazoute Block is located offshore in the Agadir basin immediately between the Company’s Essaouira and Foum Assaka Blocks. Kosmos will be the operator of the Tarhazoute Block with a 100 percent working interest. The Reconnaissance Contract has a one-year term, after which the Company has the right to enter into a petroleum agreement for the acreage. Kosmos will initially reprocess existing 2D seismic.

Brian F. Maxted, President and Chief Executive Officer, stated, “With our executed agreement over the Tarhazoute area, we have now licensed the large majority of the Agadir basin petroleum system and our 3D seismic acquisition program is underway, beginning in the Essaouira Block. Since our IPO in May of this year, we have added over nine million gross acres with significant prospectivity. This new acreage offshore Suriname and Morocco follows on the heels of the recently-added pre- and post-salt Essaouira and Foum Assaka blocks offshore Morocco. These are the types of opportunities we will continue to identify and seek, focused on delivering a program of high-impact, play-opening exploration wells beginning in late 2012 and beyond.”

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