Kosmos Energy makes $124m in revenue from sale of Ghana crude

Texas-based oil explorer, Kosmos Energy generated revenue of $124.1 million from the sale of crude oil at the Jubilee fields, according to its second quarter 2011 results August 11, 2011.

Kosmos says it sold 996,000 barrels of oil during the quarter at a cost of $124.62 per barrel from the Jubilee fields whose average production for the quarter was approximately 66,000 barrels of oil per day (bopd) gross.

This brings the New York Stock Exchange listed company’s total oil and gas revenue to $216,652 million in the last six months from January to June 2011.

“Second-quarter 2011 oil revenues were $124.1 million on sales of 996 thousand barrels of oil, or $124.62 per barrel. Jubilee Field average production for the quarter was approximately 66 thousand barrels of oil per day (bopd) gross,” it said on its website.

The Company’s cash on hand at the end of the second quarter grew to $818 million and a total liquidity, including cash and available borrowing under the existing debt facility was nearly $1 billion.

Giving an update on its Ghana operations, Kosmos said “planning for the next phase of Jubilee Field development is underway, and expects implementation to commence during 2012,” while the full production reaching the FPSO capacity is targeted by the end of 2011.

The “Atwood Hunter” semi-submersible rig is currently drilling the Akasa-1 exploration well on the Kosmos-operated West Cape Three Points Block and it is expected to reach final target by the end of August 2011, it noted.

The Blackstone Group and Warburg Pincus backed-company with 23.49% stake in the Jubilee oil fields plans to further “appraise the Teak discovery with an initial two-well program, commencing as early as late 2011.”

“Drillstem tests were recently performed on the Tweneboa-2 and Tweneboa-4 wells as part of an integrated reservoir evaluation program. Kosmos also anticipates drilling two additional appraisal wells in the Enyenra Field later this year,” it said.

On June 14, 2011, Kosmos said it will be listing on the Ghana Stock Exchange (GSE) later this year to raise about $50 million, even though it did not give the exact number and cost of shares it will be floating.

By Ekow Quandzie

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