Kosmos Energy says it will invest over 90% of $600m 2012 capital in Ghana

Texas-based US oil company, Kosmos Energy today March 1, 2012 has announced its 2012 organic capital programme of approximately $600 million anticipating that over 90% of the amount will be invested in Ghana.

The company says in a statement that 55% of the capital will go into exploration and appraisal activities while the remaining 45% will be for development works.

“Over 90 percent of the 2012 programme is anticipated to be invested in Ghana”, says Kosmos Energy, which some few days back exercised a right to acquire an additional 4.05% Sabre Oil and Gas’ interest in the Deepwater Tano Block at the Jubilee oilfields, offshore Ghana.

It adds that planned development investments are primarily composed of ongoing activities at the first phase of Jubilee, as well as implementation of the next development phase at the field, Phase 1A.

The company anticipates drilling at least two appraisal wells at the Teak discovery and one appraisal well at the Mahogany discovery in 2012 while targeting “performing multiple flow tests and reservoir studies for the Teak, Mahogany, Akasa, and Banda discoveries,” it says.

On the Deepwater Tano Block, Kosmos said it is planning to participate in two appraisal wells in 2012, as well as certain flow tests and well activities, at the Enyenra and Ntomme oil discoveries. It expects to submit a plan of development for the Tweneboa/Enyenra/Ntomme area to governmental for approval this year.

Kosmos has also indicated that it will participate in at least four new exploration wells in 2012, with three located offshore Ghana and one onshore Cameroon.

By Ekow Quandzie

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