Monday, August 20, 2012

Kosmos’ Results Out of Ghana

In its Q2 results Kosmos Energy reported that it spent $37 million on exploration and production activities during the period on the Jubilee field offshore Ghana. Production expenses for Q2 came to $20 million and according to Kosmos, this included $10 million related to acid stimulation costs incurred on Jubilee Phase 1 wells.

The results showed that the company's production expense was approximately $9.37 per barrel sold, down from $14.36 per barrel for the same period in 2011.

The company sold one Jubilee lifting during the quarter, totaling 997,000 barrels of oil, at a realized price of $112.60 per barrel making oil revenues of $112 million, the results indicated.

On exploration expense during the quarter, the company spent $17 million and it included certain "seismic, geologic and geophysical studies" as well as a portion of costs associated with the Teak-4A well.

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