Kosmos Energy To Abandon Suriname Well After Coming Up Dry

Instant Max AI

(Seeking Alpha, Carl Surran, 10.Oct.2018) — Kosmos Energy says it is abandoning an offshore well in Suriname after failing to find oil, its second straight dry well in the region in recent months.

KOS says its Pontoenoe-1 exploration well in Block 42 offshore Suriname encountered high-quality reservoir but the primary exploration objective proved to be water bearing and did not find commercial hydrocarbons.

KOS plans to continue testing in the Suriname-Guyana basin, as it still believes the area offers significant potential.

In a business update, KOS says it expects to generate substantial free cash flow in FY 2018, allowing it to initiate a dividend in Q1 2019.

KOS also says production in Ghana continues to grow following the Jubilee turret remediation work and the new wells brought online at both Jubilee and TEN during the quarter.

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