Kosmos Energy Ltd (NYSE: KOS) delivered an operational update yesterday on its production, advancement, and exploration activities. Moreover, this operational update is in advance of the firm’s second-quarter outputs, which are planned to release on August 9, 2021.
Kosmos CEO and Chairman Andrew G. Inglis said that the firm had a reliable second quarter, reproducing positive cash progression that decreased net debt by over $100 million. In addition, more significant sales volumes operated it, a dominant operational achievement in Ghana developing realized petroleum prices. Also, he adds that they proceed to see momentum construct across their producing centers with new oil wells drilled in Ghana also the US Gulf of Mexico during the section and the appearance of the gear for improvement drilling in Equatorial Guinea.
Moreover, he adds the Greater Tortue Ahmeyim mission in Mauritania, also in Senegal, resumed constant growth during the area with milestones accomplished across all main workstreams. But they are considering the cost inflation and supplier uncertainties in the current atmosphere and some profitable growth. As an outcome, they are updating their estimates, with the first gas currently expected in the third quarter of 2023. Tortue is the ideal project at the correct time with Phases 1 & 2 required outstanding returns in an LNG market.
Second-quarter of the sales volumes averaged over 66,000 containers of oil equivalent per day with 4.5 cargos hoisted, in line with a suggestion.
The second quarter of the total net production averaged roughly 52,000 boepd, barely below precious guidance mainly due to reduced output in Equatorial Guinea.
The whole year company output guidance of 53,000-57,000 boepd is untouched, with a year-end departure rate of roughly 60,000 boepd anticipated as new wells arrive online.
Besides completing the $450 million senior statements allocation in March and the reverse-biased lending revision and expansion in May, Kosmos has a solid financial responsibility and improved liquidity of over $775 million.
Currently, the firm is over 60% fluctuated for the remainder of 2021 with progressing exposure to elevated oil prices as fluctuated roll-off. Furthermore, they have taken advantage of rising petroleum prices to 4.5 million barrels of 2022 output.