(Alliance News) - Kosmos Energy Ltd on Wednesday celebrated an oil discovery at the Tiberius exploration well in the US Gulf of Mexico.
Kosmos is a Texas-based oil and gas producer focused on Ghana, Guinea and the US Gulf of Mexico. It operates the Tiberius well, and also holds a 33% working interest alongside Occidental Petroleum Corp and Equinor ASA.
The well tested a four-way structural trap in the outboard Wilcox trend, located in Keathley Canyon Block 964.
According to Kosmos, it encountered around 75 metres of net oil pay in the primary Wilcox target. Casing is now being run to target depth so the well can be used as a future oil producer.
The firm told investors it would now undertake rock and fluid analysis to confirm the production potential of the reservoir, and will work with its partners on subsea development options.
"Exploration success at Tiberius validates our proven basin infrastructure-led exploration strategy, which is focused on low cost, short cycle development opportunities. The Gulf of Mexico is an advantaged basin with top quartile carbon emissions, and discoveries like Tiberius can bring lower carbon U.S. supply to meet near-term growing oil demand," said Chief Executive Officer Andrew Inglis.
Kosmos Energy shares were trading 0.8% higher at 609.90 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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Kosmos Energy (KOS)