DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE: KOS) announced today that the Tortue-1 exploration well, drilled to test the Tortue West prospect, which forms part of the Greater Tortue Complex, in Block C-8 offshore Mauritania has made a significant, play-opening gas discovery.
Based on the preliminary analysis of drilling results and intermediate logging to a depth of 4,630 meters, Tortue-1 has intersected 107 meters (351 feet) of net hydrocarbon pay. A single gas pool was encountered in the primary Lower Cenomanian objective. The Lower Cenomanian is comprised of three excellent quality multi-Darcy reservoirs totaling 88 meters (288 feet) in thickness over a gross hydrocarbon bearing interval of 160 meters (528 feet). A fourth zone 19 meters (62 feet) thick was penetrated within the secondary Upper Cenomanian target over a gross hydrocarbon bearing interval of 150 meters (492 feet).
Andrew G. Inglis, chairman and chief executive officer, said: “Volumetrically, the Tortue-1 well has far exceeded our pre-drill expectations and has discovered a large scale gas resource. Our seismic imaging indicates the areal extent of Tortue West could cover approximately 90 square kilometers that will be better defined with appraisal drilling. Importantly, given the results and excellent well-to-seismic calibration, the Tortue-1 well has significantly de-risked our large and under-explored 27,000 square kilometer deepwater position in Mauritania. Our acreage offers substantial follow-on prospectivity including a diverse range of Cenomanian as well as deeper Cretaceous plays and fairways with strong dependency.”
An appraisal program is being planned to delineate the Tortue West discovery. In addition, the Marsouin-1 exploration well, located in the central part of Block C-8, is expected to spud in the third quarter of 2015. An exploration program is also being formulated to test the other prospects in the Greater Tortue Complex, which extends into the St. Louis Offshore Profond Block in Senegal, including the Tortue East and Tortue North prospects. In support of this program, a 3D seismic survey acquired over our Senegal blocks in 2014 is currently being processed and interpreted.
Brian F. Maxted, chief exploration officer, said: “This significant play-opening discovery validates our frontier exploration strategy where we are now one in three in our ‘Second Inning’ campaign. Our results demonstrate that our organic deepwater exploration business model, which targets early access to build large acreage positions with significant follow-on dependent prospectivity, can deliver significant value for our shareholders.”
Located approximately 285 kilometers southwest of Nouakchott in 2,700 meters of water, and drilled with the Atwood Achiever drillship, the Tortue-1 well is now drilling to the planned total depth of approximately 5,250 meters. Kosmos currently owns a 90 percent interest in the Tortue Prospect, along with Société Mauritanienne Des Hydrocarbures et de Patrimoine Minier (SMHPM) at 10 percent. Since 2012, Kosmos has held rights to conduct exploration in the C-8, C-12 and C-13 contract areas under production sharing contracts with the Government of Mauritania. In March 2015, Chevron Mauritania Exploration Limited, a wholly owned subsidiary of Chevron Corporation (NYSE: CVX), acquired a 30% non-operated interest in the C-8, C-12 and C-13 contract areas under production sharing contracts. Chevron has an option to elect to participate at a 30% interest in the Tortue Prospect, subject to Chevron paying a disproportionate share of their costs related to the Tortue-1 exploration well. The blocks are contiguous, range in water depth between 1,000 and 3,000 meters, and have combined acreage of approximately 27,000 square kilometers.
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. Our assets include existing production and other major development projects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Ireland, Mauritania, Morocco, Portugal, Senegal, Suriname, and Western Sahara. As an ethical and transparent company, Kosmos is committed to doing things the right way. The company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos 2013 Corporate Responsibility Report. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit www.kosmosenergy.com.
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’ 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’ 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.