Kosmos Energy Announces New Exploration Licenses Offshore Mauritania
Kosmos Energy (NYSE: KOS) announced today that it has signed three Production Sharing Contracts (PSCs) with the Government of Mauritania for Blocks C8, C12, and C13 offshore Mauritania. The contracts will take effect upon formal ratification by the Government of Mauritania. The blocks, which are contiguous, range in water depth between 1,600 and 3,000 meters (approximately 5,250 to 9,800 feet), and have a combined acreage extent of approximately 27,200 square kilometers (6.7 million gross acres).
Kosmos will be operator of the three blocks with a 90 percent interest. The national oil company, Societe Mauritanienne des Hydrocabures (SMH), will hold a carried interest of 10 percent. In the initial exploration phase under each of the contracts, Kosmos plans to acquire 2D and 3D seismic data. The Company targets first drilling as early as 2014. The execution of the PSCs represents Kosmos' initial entry into Mauritania and significantly expands the Company's exploration footprint.
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