Kosmos Energy Ltd (NYSE:KOS) reported that the Tortue-1 exploration well made a noteworthy, play-opening gas discovery. Andrew G. Inglis, the Chief Executive Officer stated that measured in terms of volume, the well has topped the pre-drill expectations. As per the seismic imaging, the areal coverage of Tortue West is expected to cover almost ninety square kilometers. It will be better stated with appraisal drilling.
The significance
The CEO of Kosmos further added that the well has considerably de-risked the under-explored and large deepwater area in Mauritania. The acreage makes a strong base for extensive follow-on prospectivity. The company has planned an evaluation program in order to define the Tortue West discovery. Moreover, the Kosmos intends to start the drilling of Marsouin-1 well in the third quarter of 2015.
The plans
Kosmos team has formulated an exploration program to assess the other opportunities in the Greater Tortue Complex. As per the plan, a 3D seismic survey is being processed and interpreted. The Chief Exploration Officer Brian F. Maxted said that the play-opening discovery supports the company’s frontier exploration plans where Kosmos is included in the list of ‘Second Inning’ campaign. The results validate that the existing exploration business model can result in increased value for shareholders.
The buzz
In unrelated news, Kosmos Energy Ltd (NYSE:KOS) reported that the Special Chamber of ITLOS has released its order in respect to the interim measures appealed by the Government of Côte d’Ivoire. The matter is about a maritime boundary dispute that is going on with the Government of Ghana. The group rejected the appeal that Ghana should suspend the underway development and exploration activities in the disputed region in which the Ten Project is based. It indicates that the project will continue without any problem. It is applicable until the group gives its verdict on the ongoing dispute. Ghana is prohibited from new drilling in the disputed region.
