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Kosmos Energy’s Mahogany-3 Well Makes Mahogany Deep Discovery, Successfully Appraises Jubilee Area

Source: www.gulfoilandgas.com 1/8/2009, Location: Africa

Kosmos Energy announces that the company has successfully appraised Jubilee Field-age reservoirs and made its third major oil discovery offshore the Republic of Ghana on the West Cape Three Points Block. The results of drilling, wireline logs and reservoir fluid samples show the Mahogany-3 appraisal and exploration well penetrated net oil-bearing pay of 33 meters (108 feet) in high-quality stacked reservoir sandstones. The Mahogany-3 well was drilled by the “Eirik Raude” semi-submersible rig to a depth of 4,028 meters in a water depth of 1,236 meters. The well is located more than 5 kilometers (km) southeast of the Mahogany-1 discovery well and 5 km south of the successful Mahogany-2 appraisal well.

The Mahogany-3 well encountered 16 meters (52 feet) of oil pay in reservoir sands equivalent to those intersected in previous wells. The well has substantially extended the potentially productive area. In addition, new pressure data indicates the projected oil-water contacts for some of these pools may be deeper than previously interpreted, and the new well-to-seismic calibration will require refinement of the reservoir depth structure mapping. These results, together with the recently drilled Hyedua-2 appraisal well on the adjacent Deepwater Tano Block that extended the Jubilee Field to the northwest, have confirmed the large resource base in this play.

The Mahogany-3 well has also discovered the Mahogany Deep reservoir, a significant new find. The well encountered 17 meters (56 feet) of good-quality oil pay in a formerly untested, stratigraphically deeper and separately trapped reservoir. Reservoir fluid samples recovered indicated an oil gravity of approximately 35 degrees API.

“We are pleased to start 2009 with continuing appraisal and delineation success of the Jubilee Field area, as well as making our third substantial oil discovery in the last 19 months,” said Brian F. Maxted, Kosmos Chief Operating Officer. “Importantly, the recent appraisal and exploration well results have validated our geological and geophysical models, thereby providing confidence in the Jubilee Field upside and optimism for future exploration success.

“It’s also important to note that the Mahogany-3 well was drilled in a compromise location to fulfill multiple objectives. For this reason, the well did not optimally test the Mahogany Deep prospect. We look forward to pursuing the full potential of Mahogany Deep with an appraisal well in late 2009,” Maxted added.

“We have a great track record of working with the people and government of Ghana, including the Ghana National Petroleum Corporation, to help develop and produce their natural resources,” said James C. Musselman, Kosmos Chairman and Chief Executive Officer. “We look forward to continuing our long-term business relationship with them.”

Kosmos and its partners are continuing to drill the Mahogany-3 well. The well is being deepened to test new stratigraphy and is targeted to reach a total depth of 4,345 meters within two weeks.

Following the drilling of the Mahogany-3 well, the “Eirik Raude” will spud the Tweneboa-1 exploration well on the Deepwater Tano Block, which is targeting a prospect potentially similar in size to the Jubilee Field. Along with its block partners, Kosmos plans an active exploration and appraisal program on its Ghanaian acreage during 2009, which also includes the Teak exploration well that will be drilled during the first half of the year.

The Mahogany-3 well is the sixth consecutive successful well Kosmos and its partners have drilled on the West Cape Three Points and Deepwater Tano blocks. Kosmos’ Mahogany-1 exploration well discovered the Jubilee Field on the West Cape Three Points Block in June 2007. The company’s second significant oil discovery on the West Cape Three Points Block was the Odum Field. The discovery was announced in February 2008.

West Cape Three Points Block
Kosmos Energy is operator of the West Cape Three Points Block in which the company holds a 30.875% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has a 30.875% interest; an affiliate of Tullow Oil plc (LSE: TWL.L) has a 22.896% interest; the E.O. Group has a 3.5% interest; and Sabre Oil and Gas has a 1.854% interest in the block. Ghana National Petroleum Corporation (GNPC) has a 10% carried interest.

Deepwater Tano Block
Kosmos holds an 18% interest in the Deepwater Tano Block. An affiliate of Tullow Oil plc (LSE: TWL.L) operates the block with a 49.95% interest. An affiliate of Anadarko Petroleum Corporation (NYSE: APC) has an 18% interest; Sabre Oil & Gas has a 4.05% interest; and Ghana National Petroleum Corporation (GNPC) has a 10% carried interest.

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