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Kosmos Energy’s Mahogany-2 Appraisal Well Confirms Jubilee Field Discovery Offshore Ghana

Source: www.gulfoilandgas.com 5/5/2008, Location: Africa

Kosmos Energy announced that the company’s Mahogany-2 well drilled offshore the Republic of Ghana on the Kosmos-operated West Cape Three Points Block has encountered a substantial light oil column based on the results of drilling, wireline logs and reservoir fluid samples. The Mahogany-2 well encountered a gross hydrocarbon-bearing interval of 193 meters (663 feet) with net hydrocarbon-bearing pay of 50 meters (164 feet) of high-quality stacked reservoir sandstones. Kosmos plans to complete the well and execute a drillstem test shortly.

Results obtained thus far indicate that the Mahogany-2 well is in communication with the Mahogany-1 discovery well on the West Cape Three Points Block that Kosmos announced in June 2007 and the company’s Hyedua-1 confirmation well on the Deepwater Tano Block announced in August 2007. These successful wells validate that Jubilee is a significant oil field. The Mahogany-2 well, the field’s second appraisal well, confirms a major field extension.

The well was drilled approximately 6.1 kilometers (3.8 miles) northeast of the Mahogany-1 well and 11.3 kilometers (7 miles) northeast of the Hydeua-1 well. The Mahogany-2 well was drilled in water depths of 1,080 meters (3,543 feet) by the “Songa Saturn” drillship and reached a total depth of 3,443 meters (11,296 feet). “The results of 3D seismic and drilling to date establish a large productive area with a total vertical hydrocarbon column of approximately 600 meters (1,968 feet),” said Brian F. Maxted, Kosmos Chief Operating Officer. “Moreover, other potential field extensions, as well as up to 400 meters (more than 1,300 feet) of structural closure updip of the Mahogany-2 well, have yet to be delineated. The exploration and appraisal drilling undertaken to date demonstrates the upside potential of the Jubilee Field and has further de-risked adjacent prospectivity.”

“The success of the Mahogany-2 appraisal well is certainly great news for the people of Ghana. The well confirms Jubilee as a giant field, the largest discovery in deepwater West Africa since the inception of Kosmos in 2003, one of the biggest finds ever made here and potentially the largest single field discovery in this region,” said James C. Musselman, Kosmos Chairman and Chief Executive Officer.

During the remainder of 2008 and early 2009, Kosmos and its field partners plan additional appraisal drilling of the Jubilee Field (formerly known as the Mahogany Field). Development sanction of the Jubilee Field project is expected this year, followed by first oil production commencing as early as late 2009 to early 2010. Kosmos also plans to delineate the company’s nearby Odum Field, discovered in early 2008. The company will conduct a high-resolution 3D seismic survey over the southeastern portion of the West Cape Three Points Block covering the Odum discovery and the adjacent area this summer. In addition, Kosmos expects to drill additional high-impact exploration prospects on its offshore Ghanaian acreage during the second half of 2008 and in 2009.

Kosmos Energy is operator of the West Cape Three Points Block in which the company holds a 30.875% interest. Anadarko WCTP Company, an affiliate of Anadarko Petroleum Corporation, has a 30.875% interest; Tullow Ghana Limited, an affiliate of Tullow Oil plc, has a 22.896% interest; the E.O. Group has a 3.5% interest; and Sabre Oil and Gas Limited has a 1.854% interest in the block. Ghana National Petroleum Corporation (GNPC), which has a 10% participating interest in the project, will be carried through the exploration and development phases.

The West Cape Three Points Block comprises 1,761 square kilometers (435,200 acres) in water depths ranging from 50 meters to 1,800 meters. The Jubilee Field discovery well, Mahogany-1, is located 63 kilometers from the Ghanaian coastline and 132 kilometers southwest of the port city of Takoradi and is situated in the Tano Basin.

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