Thursday, September 1, 2011

Jubilee Oil Field: Gana's Oil Future


Kosmos Energy  announced today a light oil discovery at the Akasa-1 exploration well on the West Cape Three Points Block offshore the Republic of Ghana. Full analysis of well results, including wireline logs, reservoir pressures and fluid samples, confirms that the well penetrated 33 meters (108 feet) of oil-bearing pay in four good-quality Turonian-aged sand packages. The Turonian reservoirs encountered are similar in age to those discovered at Jubilee and Mahogany East. Oil samples recovered from the Akasa-1 well indicate 38 degrees API gravity.

Paul Dailly, Senior Vice President of Exploration, commented, "The Akasa discovery is a great result for Kosmos Energy, and it continues our high exploration success rate offshore Ghana. With this find, we have enhanced our inventory of discovered resources, further supporting the appraisal and development programs in the Mahogany East and Teak areas."

Brian Maxted, President and CEO, added, "We are very pleased with the new oil discovery at Akasa. The Company's development portfolio, including ramping production at Jubilee, is well-defined and substantial, and our continued drilling success highlights the value of our exploration portfolio. We are focused on accelerating first production from these projects, as well as from our discoveries on the adjacent Deepwater Tano Block."

The "Atwood Hunter" rig drilled the Akasa-1 well to a total depth of 3,918 meters (12,854 feet) in 1,158 meters (3,798 feet) of water. The drilling rig will be released to another operator following final operations at Akasa-1. The Company and its partners' near-term drilling plans include the Cedrela exploration prospect, which is currently under Force Majeure discussions, and two appraisal wells at the Teak discovery on the West Cape Three Points Block. In addition, the Company and its partners plan to drill at least two appraisal wells at the Enyenra field on the adjacent Deepwater Tano Block offshore Ghana.

The Company also announced successful flow test rates at the Tweneboa discovery on the Deepwater Tano Block. At Tweneboa-4, the flow test resulted in sustained rates of approximately 3,500 barrels of condensate per day and 30 million cubic feet of natural gas per day. A drill stem test at the Tweneboa-2 well achieved flow rates of 6,500 barrels of oil per day and 5 million cubic feet of natural gas per day. The data from these tests is being used to optimize development plans for the Tweneboa/Enyenra complex.

West Cape Three Points Block Ownership Interest

Kosmos Energy is the operator of the West Cape Three Points Block with a 30.875% interest. Anadarko Petroleum Corporation has a 30.875% interest, Tullow Oil plc has a 26.396% interest, Sabre Oil & Gas Holdings Limited has a 1.854% interest; and the Ghana National Petroleum Corporation has a 10% carried interest.

Deepwater Tano Block Ownership Interest

Kosmos Energy holds an 18% interest in the Deepwater Tano Block. Tullow Oil plc is the operator with a 49.95% interest. Anadarko Petroleum Corporation has an 18% interest, Sabre Oil & Gas Holdings Limited has a 4.05% interest, and the Ghana National Petroleum Corporation has a 10% carried interest.

About Kosmos Energy

Kosmos Energy Ltd. is an international oil and gas exploration and production company focused on underexplored regions in Africa. The Company's asset portfolio includes major discoveries and exploration prospects with significant hydrocarbon potential in several West African countries. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit www.kosmosenergy.com.

No comments:

Post a Comment