DALLAS--(BUSINESS WIRE)--Kosmos Energy (NYSE: KOS) (LSE: KOS) announced today an oil discovery at Gladden Deep (Kosmos 20% working interest). Gladden Deep is a sub-sea tie back which is expected to be brought online through the existing Gladden pipeline to the Medusa spar in the fourth quarter of 2019. Based on preliminary analysis of drilling and wireline logging results the recoverable resource is expected to be in line with the pre drill estimate of 7 mmboe gross.
Gladden Deep is the first well of a four well infrastructure-led exploration (ILX) program in the U.S. Gulf of Mexico in 2019. Kosmos will drill the Moneypenny prospect in the third quarter, followed by the Oldfield and Resolution prospects in the fourth quarter. These three prospects are collectively targeting around 100 mmboe net to Kosmos.
Commenting on the discovery, Chairman and Chief Executive Officer Andy Inglis said, “Although Gladden Deep is the smallest prospect in this year’s drilling campaign, it is a prime example of our ILX strategy in action – targeting high margin, high return barrels that can be quickly brought online through existing facilities. The development of Gladden Deep has a full cycle rate of return of over 100% at $60/bbl Brent. This discovery continues the strong momentum we have seen in our Gulf of Mexico business unit, following the recent lease sale results and increased production from the Tornado-3 well coming online.”
About Kosmos Energy
Kosmos is a full-cycle deepwater independent oil and gas exploration and production company focused along the Atlantic Margins. Our key assets include production offshore Ghana, Equatorial Guinea and U.S. Gulf of Mexico, as well as a world-class gas development offshore Mauritania and Senegal. We also maintain a sustainable exploration program balanced between proven basin infrastructure-led exploration (Equatorial Guinea and U.S. Gulf of Mexico), emerging basins (Mauritania, Senegal and Suriname) and frontier basins (Cote d'Ivoire, Namibia and Sao Tome and Principe). Kosmos is listed on the New York Stock Exchange and London Stock Exchange and is traded under the ticker symbol KOS. 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 2017 Corporate Responsibility Report. For additional information, visit www.kosmosenergy.com.
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