Kosmos Energy’s Tweneboa-1 Well Makes Significant Discovery Offshore Republic of Ghana
Company Marks Fourth Consecutive Find on Ghanaian Acreage
(EMAILWIRE.COM, March 09, 2009 ) DALLAS - Kosmos Energy announces today that the Tweneboa-1 well has discovered a light hydrocarbon accumulation in the Tano Basin offshore the Republic of Ghana on the Deepwater Tano Block, continuing the company’s serial oil-finding exploration success. The results of drilling, wireline logs and reservoir fluid samples show the Tweneboa-1 exploration well penetrated net hydrocarbon-bearing pay of 21 meters in a single, good-quality sandstone reservoir similar in age to those found in the Jubilee Field.
The Tweneboa-1 well was drilled by the “Eirik Raude” semi-submersible rig in a water depth of 1,148 meters. The well, which is located approximately 25 kilometers west northwest of Kosmos’ Jubilee oil field on the adjacent West Cape Three Points Block, is being deepened to test new stratigraphy and is targeted to reach a total depth of 4,015 meters.
The Tweneboa-1 well is the seventh consecutive successful well Kosmos and its partners have drilled on the West Cape Three Points and Deepwater Tano blocks, including three previous exploration wells that found oil on the West Cape Three Points Block since mid-2007. The Mahogany-1 exploration well discovered the Jubilee Field, which was announced in June 2007; the Odum-1 exploration well discovered the Odum Field, which was announced in February 2008; and the Mahogany-3 well discovered the Mahogany Deep Field which was announced in January 2009.
“Together, our four discoveries have opened the Upper Cretaceous hydrocarbon fairway of the Tano Basin, which includes three principal trends – Jubilee, Odum and Tweneboa – on the two blocks. With the Tweneboa-1 well, which made Kosmos’ fourth substantial discovery in less than two years, we have preserved our 100 percent success rate for all the exploration and appraisal wells we have drilled to date offshore Ghana,” said Brian F. Maxted, Kosmos Chief Operating Officer.
“Importantly, these discoveries not only confirmed the existence of a giant and new petroleum system, but have also demonstrated our ability to successfully explore it and substantially de-risked the sizable remaining exploration portfolio on the West Cape Three Points and Deepwater Tano blocks,” Maxted added.
“We have been fortunate to make another major hydrocarbon discovery offshore Ghana. We estimate our four discoveries to date account for a possible recoverable resource base of several billion barrels of oil and several trillion cubic feet of natural gas. In addition, there is a risk-adjusted multi-billion-barrel oil-equivalent exploration inventory on the fairway that we have yet to drill,” said James C. Musselman, Kosmos Chairman and Chief Executive Officer. “Our Ghanaian assets have gained significant value due to the successful wells we have drilled to date, and it is likely their value will increase quickly and considerably as we pursue an aggressive exploration, appraisal and development drilling program.”
Along with its block partners, Kosmos plans to execute an exploration and appraisal program on its Ghanaian acreage during 2009, including the appraisal of the company’s 2009 discoveries, Tweneboa and Mahogany Deep, and the full appraisal and initial development of the Jubilee Field.
Deepwater Tano Block
Kosmos holds an 18% interest in the Deepwater Tano Block. An affiliate of Tullow Oil plc (LSE: TWL.L) operates the block with a 49.95% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has an 18% interest; Sabre Oil & Gas has a 4.05% interest; and Ghana National Petroleum Corporation (GNPC) has a 10% carried interest.
West Cape Three Points Block
Kosmos Energy is the operator of the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has a 30.875% interest; an affiliate of Tullow Oil plc (LSE: TWL.L) has a 22.896% interest; the KG Group has a 3.5% interest; and Sabre Oil and Gas has a 1.854% interest in the block. Ghana National Petroleum Corporation (GNPC) has a 10% carried interest.
About Kosmos Energy:
Kosmos Energy is a privately held international oil exploration and production company with a focus in West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects. For additional information, visit www.kosmosenergy.com.
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The Tweneboa-1 well was drilled by the “Eirik Raude” semi-submersible rig in a water depth of 1,148 meters. The well, which is located approximately 25 kilometers west northwest of Kosmos’ Jubilee oil field on the adjacent West Cape Three Points Block, is being deepened to test new stratigraphy and is targeted to reach a total depth of 4,015 meters.
The Tweneboa-1 well is the seventh consecutive successful well Kosmos and its partners have drilled on the West Cape Three Points and Deepwater Tano blocks, including three previous exploration wells that found oil on the West Cape Three Points Block since mid-2007. The Mahogany-1 exploration well discovered the Jubilee Field, which was announced in June 2007; the Odum-1 exploration well discovered the Odum Field, which was announced in February 2008; and the Mahogany-3 well discovered the Mahogany Deep Field which was announced in January 2009.
“Together, our four discoveries have opened the Upper Cretaceous hydrocarbon fairway of the Tano Basin, which includes three principal trends – Jubilee, Odum and Tweneboa – on the two blocks. With the Tweneboa-1 well, which made Kosmos’ fourth substantial discovery in less than two years, we have preserved our 100 percent success rate for all the exploration and appraisal wells we have drilled to date offshore Ghana,” said Brian F. Maxted, Kosmos Chief Operating Officer.
“Importantly, these discoveries not only confirmed the existence of a giant and new petroleum system, but have also demonstrated our ability to successfully explore it and substantially de-risked the sizable remaining exploration portfolio on the West Cape Three Points and Deepwater Tano blocks,” Maxted added.
“We have been fortunate to make another major hydrocarbon discovery offshore Ghana. We estimate our four discoveries to date account for a possible recoverable resource base of several billion barrels of oil and several trillion cubic feet of natural gas. In addition, there is a risk-adjusted multi-billion-barrel oil-equivalent exploration inventory on the fairway that we have yet to drill,” said James C. Musselman, Kosmos Chairman and Chief Executive Officer. “Our Ghanaian assets have gained significant value due to the successful wells we have drilled to date, and it is likely their value will increase quickly and considerably as we pursue an aggressive exploration, appraisal and development drilling program.”
Along with its block partners, Kosmos plans to execute an exploration and appraisal program on its Ghanaian acreage during 2009, including the appraisal of the company’s 2009 discoveries, Tweneboa and Mahogany Deep, and the full appraisal and initial development of the Jubilee Field.
Deepwater Tano Block
Kosmos holds an 18% interest in the Deepwater Tano Block. An affiliate of Tullow Oil plc (LSE: TWL.L) operates the block with a 49.95% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has an 18% interest; Sabre Oil & Gas has a 4.05% interest; and Ghana National Petroleum Corporation (GNPC) has a 10% carried interest.
West Cape Three Points Block
Kosmos Energy is the operator of the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has a 30.875% interest; an affiliate of Tullow Oil plc (LSE: TWL.L) has a 22.896% interest; the KG Group has a 3.5% interest; and Sabre Oil and Gas has a 1.854% interest in the block. Ghana National Petroleum Corporation (GNPC) has a 10% carried interest.
About Kosmos Energy:
Kosmos Energy is a privately held international oil exploration and production company with a focus in West Africa. Kosmos is led by a seasoned management and technical team with extensive international and West Africa experience, and a proven record of finding and developing significant oil reserves. With the financial backing of international private equity investors Warburg Pincus and Blackstone Capital Partners, the company possesses significant financial and operational capability to generate and participate in multiple high-impact upstream projects. For additional information, visit www.kosmosenergy.com.
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This press release was issued through EmailWire.Com. For more information on press release distribution, go to http://www.emailwire.com. EmailWire.Com is a press release service of GroupWeb Media LLC (http://www.groupweb.com).
Contact Information:
Kosmos Energy
W. Greg Dunlevy
Tel: 972-739-7700
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
Kosmos Energy
W. Greg Dunlevy
Tel: 972-739-7700
Email us
This is a press release. Press release distribution and press release services by EmailWire.Com: http://www.emailwire.com/us-press-release-distribution.php.
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