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Kosmos Energy abandons offshore well in Suriname

By BFN News | 10:10 AM | Wednesday 10 October, 2018


Oil and gas company Kosmos Energy said Wednesday it was abandoning an offshore well in Suriname after it failed to find oil, though the company stopped short of scraping testing in the basin. Kosmos said it had encountered high-quality reservoir at the Pontoenoe-1 exploration well in Block 42 offshore Suriname, but the primary exploration objective proved to be water bearing and did not find commercial hydrocarbons. For the full year 2018, Kosmos expected to generate substantial free cash flow, allowing the company to initiate a dividend in the first quarter of 2019. Production in Ghana, meanwhile, continued to grow in third quarter after the Jubilee turret remediation work and the new wells were brought online at both Jubilee and TEN during the quarter. The company expected 2018 capital expenses would be about $400m. 'We are in the early stages of exploring the emerging Suriname-Guyana basin, and given the indications of a mature source, quality cretaceous reservoir, and the independent nature of the prospectivity we believe there is significant remaining potential in Block 42. Our current plan is to test the next prospect in 2020,' said Andrew G. Inglis, chairman and chief executive officer. At 10:10am: (LON:KOS) Kosmos Energy Ltd share price was -33p at 672p Story provided by StockMarketWire.com

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