Kosmos Energy announces first success from 2019 Gulf of Mexico exploration program

Kosmos Energy announced an oil discovery at Gladden Deep (Kosmos 20% working interest). Gladden Deep is a sub-sea tie back which is expected to be brought online through the existing Gladden pipeline to the Medusa spar in Q4 2019. Based on preliminary analysis of drilling and wireline logging results the recoverable resource is expected to be in line with the pre-drill estimate of 7 million BOE gross.

Gladden Deep is the first well of a four-well, infrastructure-led exploration (ILX) program in the US Gulf of Mexico in 2019. Kosmos will drill the Moneypenny prospect in the Q3, followed by the Oldfield and Resolution prospects in Q4. These three prospects are collectively targeting around 100 million BOE net to Kosmos.

“Although Gladden Deep is the smallest prospect in this year’s drilling campaign, it is a prime example of our ILX strategy in action – targeting high-margin, high-return barrels that can be quickly brought online through existing facilities,” Andy Inglis, Chairman and Chief Executive Officer, said. “The development of Gladden Deep has a full cycle rate of return of over 100% at $60/bbl Brent. This discovery continues the strong momentum we have seen in our Gulf of Mexico business unit, following the recent lease sale results and increased production from the Tornado-3 well coming online.”