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Kosmos Energy (NYSE: KOS) announced today a major gas discovery offshore Senegal.

 

Yakaar-1 is the first well in a series of four independent tests of the basin floor fan fairways, outboard of the proven slope channel trend opened with the Tortue-1 discovery. Located in the Cayar Offshore Profond block approximately 95 kilometers northwest of Dakar in nearly 2,550 meters of water, the well has been drilled to a total depth of approximately 4,700 meters. Yakaar-1 intersected a gross hydrocarbon column of 120 meters (394 feet) in three pools within the primary Lower Cenomanian objective and encountered 45 meters (148 feet) of net pay. Well results confirm the presence of thick, stacked, reservoir sands over a very large area with very good porosity and permeability.

 

Andrew G. Inglis, chairman and chief executive officer, said: “Kosmos has a 100 percent success rate in the basin with six consecutive successful exploration and appraisal wells drilled to date, confirming that our geologic model and geophysical tools are well calibrated. Yakaar-1 discovered a major gas resource. Together with the Teranga – 1 discovery made last year, we believe this resource will support a second cost-competitive LNG hub. The result also confirms our view of the potential scale of the petroleum system offshore Mauritania and Senegal, in particular the basin floor fan systems which have now been further de – risked, with the well demonstrating that reservoir and trap both work in these previously untested fairways.”

Kosmos estimates Yakaar-1 discovered a gross Pmean gas resource of approximately 15 trillion cubic feet (Tcf), in-line with pre-drill expectations. Preliminary analysis of gas samples conducted on the rig suggest the well encountered a gas with a condensate-to-gas ratio (CGR) in the range previously encountered at Tortue and Teranga, approximately 15-30 barrels per million standard cubic feet. An appraisal program is being planned to delineate the Yakaar discovery.

 

After completion of operations on the Yakaar-1 well, the Atwood Achiever will mobilize to the Tortue-1 well to conduct a drill stem test (DST) on the Tortue discovery, enabling the commencement of Front End Engineering Design (FEED) in the second half of 2017, Final Investment Decision (FID) in 2018 and first gas in 2021.

 

Kosmos will provide additional information about the Yakaar-1 discovery during its first quarter 2017 conference call on Monday, May 8, 2017 at 11:00 a.m. EDT. The call will be available via telephone and webcast.

 

Kosmos and BP each presently holds an effective 30% participating interest in the Cayar Offshore Profond license as a result of their respective ownership in our joint venture company, Kosmos BP Senegal Limited. As has been previously announced, BP has entered into an agreement to acquire an additional 30% participating interest from Timis Corporation, subject to government approval. The national oil company Société des Pétroles du Sénégal (Petrosen) holds 10%.

 

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