Kosmos Energy Announces Results from Sipo-1 Exploration Well
Kosmos Energy Ltd. (“Kosmos”) (NYSE: KOS) announced today results from the Sipo-1 exploration well onshore Cameroon. Drilled on the Ndian River Block in the Rio del Rey Basin, the well was targeting the Miocene Isongo Formation. The Sipo-1 well was located approximately 14 kilometers (8 miles) onshore and was drilled to a total depth of 1,725 meters (5,660 feet). Oil and gas shows evidenced during drilling indicated a working petroleum system; however, the well failed to encounter commercial reservoirs.
Following the completion of drilling operations, including plugging and abandoning of the well, the drilling rig will be released. Full well assessment and the integration of drilling results into the Company’s geologic models is ongoing to determine forward exploration plans on Kosmos’ onshore Cameroon acreage position. Kosmos has now completed its drilling program commitment on the Ndian River Block.
Kosmos holds a 100 percent participating interest in the Ndian River Block. Associated with the results of the well, the Company will record approximately $75 million to exploration expense in its second quarter 2013 results.
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