Kosmos Energy Ltd has announced that it generated a net loss of US$59 million in 1Q16, compared to a net loss of US$78.9 million in 1Q15. When adjusted for certain items that have an effect on the comparability of the results, the company generated an adjusted net loss of US$14.6 million in 1Q16. The company exits the quarter with approximately US$1.5 billion in liquidity.
The company also announced that, in the quarter, it completed drilling operations on the both the Guembeul-1 and Ahmeyim-2 wells, which increased resources and finalised the appraisal drilling the Tortue West structure.
The Chairman and CEO of Kosmos Energy Ltd, Andrew G. Inglis, said: “Kosmos continued to build momentum in the first quarter.
“With the announcement of our Teranga-1 result today, we continue our exploration success in opening a world-class basin offshoreMauritania and Senegal. We completed our appraisal drilling of the Tortue West discovery and delineated a world-class LNG resource with fewer wells than anticipated. The TEN project is over 90% complete and is on schedule to produce first oil in the third quarter of 2016. Our rich opportunity set coupled with our financial strength leaves us well positioned to capitalise on the opportunities ahead of us.”
Edited from various sources by David Rowlands
Read the article online at: https://www.lngindustry.com/liquefaction/12052016/kosmos-discusses-lng-resources-in-1q16-results-2434/