February 13, 2018 - 7:00 AM EST
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Blog Exposure – Two West African Countries Sign Bilateral Agreement for Development of Gas Field where Kosmos Energy and BP PLC have Working Interest

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LONDON, UK / ACCESSWIRE / February 13, 2018 / Active-Investors.com has just released a free research report on Kosmos Energy Ltd (NYSE: KOS) ("Kosmos"). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=KOS as the Company's latest news hit the wire. On February 09, 2018, the Governments of Mauritania and Senegal signed a bilateral cooperation agreement for the development of Grand Tortue/ Ahmeyim gas field, which is in the Atlantic Ocean on the shared maritime border of both countries. Kosmos Energy and BP PLC (NYSE: BP) have working interest in oil blocks in this gas field. Register today and get access to over 1000 Free Research Reports by joining our site below:


Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Kosmos Energy and BP PLC most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:



Details of the bilateral cooperation

The bilateral cooperation agreement was signed on February 09, 2018, at Nouakchott, the Mauritanian capital between Mohamed Abdel Fetah - Oil, Energy, and Mines minister of Mauritania - and Mansour Elimane Kane -the Senegalese counterpart - in the presence of Mauritanian President Mohamed Ould Abdel Aziz and Macky Sall, President of Senegal.

As per the terms of the agreement both countries will work together and split the production from the gas field equally in a 50:50 deal which is sure to benefit the economies of both countries.

Commenting on the occasion, Macky Sall said:

"We've signed this accord, without which our resources in the seas would not be exploited. If the two countries are not in agreement, no Company can find any bank financing."

About the Tortue Field

The greater Tortue gas field is a cross-border structure located in the offshore of shared maritime borders of Senegal and Mauritania. Senegal had announced the discovery in 2016, and in December 2016, Kosmos entered into a partnership with BP to jointly develop the Kosmos' exploration blocks in Mauritania and Senegal. As per the agreement, BP acquired 62% working interest and operatorship in Kosmos' exploration blocks in Mauritania including offshore Blocks C-6, C-8, C-12, and C-13 and a 32.49% working interest in Kosmos' Senegal exploration blocks which includes the Saint-Louis Profond and Cayar Profond blocks. In Mauritania the state-owned agency Société Mauritanienne Des Hydrocarbures et de Patrimoine Minier owns 10% interest.

Kosmos and BP's acreage in this field is approximately 33,000 square kilometers, which is estimated to contain more than 15 trillion cubic feet (tcf) of discovered gas resources. It is estimated that the overall greater Tortue gas field could contain roughly 50 tcf of gas resources and over 1 billion barrels of liquid resources. Kosmos and BP planned to invest billions of dollars to develop the Tortue LNG development and expect to deliver first gas by 2021.

Kosmos' progress in the Requin Tigre-1 exploration in Senegal

On February 05, 2018, Kosmos had disclosed that it has completed the drilling of the Requin Tigre-1 exploration well. Requin Tigre-1 is in Senegal's Saint Louis Offshore Profond block and the drilling was done up to a total depth of 5,200 meters. The aim of the drilling was to evaluate Cenomanian and Albian reservoirs in a structural-stratigraphic trap. However, the tests did not encounter hydrocarbons. The Company has undertaken a post-well analysis to find out the reasons for the lack of hydrocarbons. The entire drilling cost for this well was borne by Kosmos and was the last well in their second phase of exploration of the deepwater Cretaceous petroleum systems offshore Mauritania and Senegal targeting large basin floor fan structures. In the second phase, the Company has drilled four wells out of which one, i.e. Yakaar, resulting in success. In the first phase targeting inboard structures on the slope, the Company had three successful wells - Tortue, Marsouin, and Teranga.

The Company plans to continue with its drilling in two more exploration wells in offshore Suriname scheduled to start in Q2 2018.

Commenting on the Company's drilling in the Mauritania and Senegal region, Andrew G. Inglis, Chairman and CEO of Kosmos, said:

"Overall, we have discovered gross resource of 40 trillion cubic feet, at a net cost of $0.20 per barrel of oil equivalent benefiting from the partner carry and have created the potential for two world scale LNG hubs. We will rigorously evaluate our large inventory of prospects across Mauritania and Senegal ahead of the next phase of exploration offshore the two countries."

About Kosmos Energy Ltd

Dallas, Texas-based Kosmos is an independent oil and gas exploration and production Company. Its activities are focused along the Atlantic Margin and their assets include production and development projects offshore Ghana, large discoveries and hydrocarbon exploration potential offshore Mauritania and Senegal as well as exploration licenses offshore Suriname, Sao Tome and Principe, Morocco, and Western Sahara.

About BP PLC

London UK-based BP is one of the world's leading integrated oil and gas Companies. The Company is involved in every aspect of the energy business from finding and producing oil and gas on land and offshore to transportation of oil and gas, from manufacturing and marketing of fuels to raw material products for mobile phones to food packaging. The Company has operations in over 70 countries worldwide and is supported by a team of over 75,000 people.

Stock Performance Snapshot

February 12, 2018 - At Monday's closing bell, Kosmos Energy's stock declined 3.09%, ending the trading session at $5.34.

Volume traded for the day: 3.61 million shares, which was above the 3-month average volume of 2.56 million shares.

After yesterday's close, Kosmos Energy's market cap was at $2.03 billion.

The stock is part of the Basic Materials sector, categorized under the Independent Oil & Gas industry. This sector was up 1.9% at the end of the session.


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