Kosmos Energy (KOS) Provides Update On Suriname Operations
Zacks Investment Research | May 21, 2018 10:09PM ET
Kosmos Energy (NYSE:KOS) provided an update on current operations in Suriname.
Prior to reaching the target interval, the Anapai-1 well drilling in Block-45 offshore Suriname faced shallow bore hole stability problems. Kosmos Energy and its partner intend to drill the Anapai-1A well again, maintaining similar objectives.
The well design has been altered to deal with the operational hindrances. The drilling of Anapai-1A is expected to start soon and is expected to take about 50-60 days. Results of the operation are anticipated early in the third quarter. Till date, the company has incurred about $20 million on drilling of the Anapai well.
In Block 42, the partnership is concluding the first of up to three independent tests of prospects in the block. This comprises the Pontoenoe prospect, which shares similar trend from other discoveries in Guyana. The drilling is projected tocommence in the third quarter of 2018.
The company owns interest in the Block 45 and Block 42 contract areas under production sharing contracts with the Government of Suriname’s Staatsolie Maatschappij Suriname N.V. (Staatsolie).
Kosmos Energy, the exploration operator of Block 45, holds 50% interest. Chevron Corporation (NYSE:CVX) , its partner, holds the remaining interest of 50%.
As an exploration operator of Block 42, Kosmos Energy holds 33.33%.The other partners include Chevron and Hess Corporation (NYSE:HES) holding 33.33% each, respectively.
Price Performance
During the past three months, Kosmos Energy’s shares have gained 35.5% compared with the Original post
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.