DALLAS--(BUSINESS WIRE)--Kosmos Energy Ltd. (“Kosmos”) (NYSE: KOS) announced today that it has entered into a one well rig share agreement with BP plc (LSE: BP) (NYSE: BP) and Maersk Drilling, a unit of A.P. Moller - Maersk Group (CO: MAERSK), for the rig Maersk Discoverer. The rig is expected to commence drilling operations on the FA-1 (formally Eagle-1) exploration well in the Foum Assaka Offshore block in Morocco during the first half of 2014. Under the terms of the Agadir farm-out agreement with BP announced in October, BP will fund Kosmos’ share of the well costs, subject to an agreed maximum spend.
Constructed in 2009, the Maersk Discoverer is a sixth generation, ultra-deepwater, dynamically positioned semi-submersible rig capable of drilling to total depths of up to 30,000 feet, and operating in water depths of up to 10,000 feet.
Darrell McKenna, chief operating officer, said, “We are pleased to have finalized the rig share agreement with BP and Maersk Drilling for this highly capable and efficient rig, currently working in the Mediterranean region. In conjunction with our long-term rig agreement for the Atwood Achiever, we have secured the required rig resources to execute on our exploration program beginning in 2014. Based on the current schedule, we expect to spud the FA-1 well in the first half of the year and anticipate operations will take approximately three months to complete.”
About Kosmos Energy
Kosmos Energy is a leading independent oil and gas exploration and production company focused on frontier and emerging areas along the Atlantic Margin. The Company’s asset portfolio includes existing production and other major development projects offshore Ghana, as well as exploration licenses with significant hydrocarbon potential offshore Ireland, Mauritania, Morocco (including Western Sahara) and Suriname. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos 2012 Corporate Responsibility Report. Kosmos is listed on the New York Stock Exchange and is traded under the ticker symbol KOS. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’s estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’s Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
