KOSMOS ENERGY ANNOUNCES FIRST
GAS AT THE GREATER TORTUE AHMEYIM
LNG PROJECT IN MAURITANIA AND
SENEGAL
DALLAS, Texas, January 2, 2025 - Kosmos Energy
(NYSE/LSE: KOS) notes the announcement today from
bp plc (operator) that first gas production has been achieved at
the Greater Tortue Ahmeyim (GTA) liquefied natural gas (LNG)
project offshore Mauritania and Senegal.
On December 31, 2024, gas from the
first phase of GTA started to flow from wells to the floating
production storage and offloading (FPSO) vessel ahead of delivery
to the floating LNG vessel for liquefaction. Once fully
commissioned, GTA Phase 1 is expected to produce around 2.3 million
tonnes of LNG per annum (mtpa) with the floating LNG vessel
nameplate capacity of approximately 2.7 mtpa.
First gas is a key milestone for the
partnership and the governments of Mauritania and Senegal and an
important step for the countries to become a strategic LNG
production hub in West Africa. First LNG production is
expected to follow shortly with the first LNG cargo expected in the
first quarter of 2025, which is when we start to recognize revenue
from the project.
Commenting on first gas production at GTA, Chairman
and Chief Executive Officer Andrew G. Inglis said: "Achieving first
gas sets the stage for us to ramp up production and reach the
~90,000 boepd production target we set two years ago. With our key
growth projects largely delivered and capex falling, Kosmos is well
positioned going into 2025. The company remains focused on
disciplined capital allocation and the generation of free cash flow
that enables us to pay down debt, reduce leverage to less than
1.5x, and enhance the financial resilience of the
company."
About Kosmos
Energy
Kosmos is a full-cycle, deepwater, independent oil
and gas exploration and production company focused along the
offshore Atlantic Margins. Our key assets include production
offshore Ghana, Equatorial
Guinea and U.S. Gulf of Mexico, as well as
world-class gas projects
offshore Mauritania and Senegal. We also pursue a
proven basin exploration program in Equatorial Guinea and
the U.S. Gulf of Mexico. Kosmos is listed on the New
York Stock Exchange and London Stock Exchange and is
traded under the ticker symbol KOS. As an ethical and transparent
company, Kosmos is committed to doing things the right way. The
Company's Business Principles articulate our commitment to
transparency, ethics, human rights, safety and the environment.
Read more about this commitment in the Kosmos Sustainability
Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking
Statements
This press release contains forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934. All
statements, other than statements of historical facts, included in
this press release that address activities, events or developments
that Kosmos expects, believes or anticipates will or may occur in
the future are forward-looking statements. Kosmos' estimates and
forward-looking statements are mainly based on its current
expectations and estimates of future events and trends, which
affect or may affect its businesses and operations. Although Kosmos
believes that these estimates and forward-looking statements are
based upon reasonable assumptions, they are subject to several
risks and uncertainties and are made in light of information
currently available to Kosmos. When used in this press release, the
words "anticipate," "believe," "intend," "expect," "plan," "will"
or other similar words are intended to identify forward-looking
statements. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of
Kosmos, which may cause actual results to differ materially from
those implied or expressed by the forward-looking statements.
Further information on such assumptions, risks and uncertainties is
available in Kosmos' Securities and Exchange Commission ("SEC")
filings. Kosmos undertakes no obligation and does not intend to
update or correct these forward-looking statements to reflect
events or circumstances occurring after the date of this press
release, except as required by applicable law. You are cautioned
not to place undue reliance on these forward-looking statements,
which speak only as of the date of this press release. All
forward-looking statements are qualified in their entirety by this
cautionary statement.
Management does not provide a reconciliation for
forward looking non GAAP financial measures where it is unable to
provide a meaningful or accurate calculation or estimation of
reconciling items and the information is not available without
unreasonable effort. This is due to the inherent difficulty of
forecasting the occurrence and the financial impact of various
items that have not yet occurred, are out of our control or cannot
be reasonably predicted. For the same reasons, management is unable
to address the probable significance of the unavailable
information. Forward looking non GAAP financial measures provided
without the most directly comparable GAAP financial measures may
vary materially from the corresponding GAAP financial measures.
Investor
Relations
Jamie Buckland
+44 (0) 203 954 2831
jbuckland@kosmosenergy.com
Media
Relations
Thomas Golembeski
+1-214-445-9674
tgolembeski@kosmosenergy.com
