Kosmos Energy nine-month loss narrows

Kosmos Energy nine-month loss narrows

Dallas-based Kosmos Energy saw its loss for the third quarter of 2017 widen to $63.4 million, from $59.8 million in the corresponding quarter last year. 

However, for the first nine months of the year, the net loss was cut from $227 million in 2016 to $100.7 million.

Speaking of the results, Andrew Inglis, chairman and chief executive officer said, “over the first nine months of 2017, our strong free cash flow has allowed us to reduce debt.”

He noted that the company ramped up production at the TEN fields, progressed the Tortue project offshore Mauritania and Senegal with its partner BP, and acquired the exploration and production position in Equatorial Guinea.

Third quarter 2017 oil revenues were $151.2 million versus $46.6 million in the same quarter of 2016, on sales of 2.9 million barrels of oil in 2017 as compared to 0.9 million barrels in 2016.

The company noted that it has completed the drill stem test (DST) of the Tortue-1 well, flowing at a sustained, equipment-constrained rate of approximately 60 million cubic feet per day (MMcf/d) during the main, extended flow period.

In early November the ENSCO DS-12 drilling rig completed plugging and abandonment operations at the Hippocampe-1 location offshore Mauritania and has mobilized to the Lamantin-1 exploration well location to commence drilling operations.

 

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