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Kosmos Energy reveals Resolution exploration well was unsuccessful

Kosmos is continuing its ‘infrastructure-led’ exploration campaign in the Gulf of Mexico, with the next well set for December plus three more next year.

Kosmos Energy Ltd - Kosmos Energy reveals Resolution exploration well was unsuccessful
Resolution is set to cost Kosmos some US$50mln in exploration expenses

Kosmos Energy Ltd (LON:KOS) has revealed that its 50% owned Resolution exploration well, in the Gulf of Mexico, was unsuccessful.

The oiler, in a statement, told investors that the Resolution well encountered reservoir quality sands, but, the primary exploration objective proved to be water bearing.  It will now be plugged and abandoned.

READ: Kosmos Energy says new Yakaar gas project is “world class”

Kosmos now moves on to its next Gulf of Mexico target, its 40% owned Oldfield prospect, where drilling is expected to start in early December, with results due in the first quarter of 2020.

It highlighted that it continues to ‘high grade’ prospects in its ‘infrastructure-led’ Gulf of Mexico inventory and a further three wells are anticipated next year.

The Resolution was located in 600 metres of water, and, was drilled down to a target depth of 7,700 metres, at a cost of around US$55mln to Kosmos.

Quick facts: Kosmos Energy Ltd

Price: 151.1101 GBX

Market: LSE
Market Cap: £612.28 m


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