Source - SMW
Kosmos Energy's net losses rose to $63.4m in the third quarter - up from  $59.8m last time.

The group said that when adjusted for certain items that had an impact on the comparability of results, the company generated an adjusted net los of $36.9m or $0.09 per diluted share for the third quarter of 2017.

Chairman and chief executive Andrew G. Inglis said: 'Over the first nine months of 2017, our strong free cash flow has allowed us to reduce debt and to grow the value of our company through both organic and inorganic opportunities.

'We have ramped up production at the TEN fields, progressed the Tortue project offshore Mauritania and Senegal with our partner BP, and acquired a strategic exploration and production position in Equatorial Guinea which is immediately accretive. 

'Our exploration portfolio remains strong with four world-class prospects to be tested in Mauritania, Senegal, and Suriname over the next 12 months.'   Third quarter 2017 oil revenues were $151.2m versus $46.6m in the corresponding quarter of 2016, on sales of 2.9 million barrels of oil in 2017 as compared to 0.9 million barrels in 2016. 

Third quarter 2017 oil revenues exclude $12.1m of derivative settlements. Realized oil revenues, including the impact of the company's hedging programme, were $55.57 per barrel of oil sold in the third quarter of 2017. At the end of the quarter, the company was in a net underlift position of approximately 0.4 million barrels of oil.

Production expense for the third quarter was $39m, or $13.33 per barrel, versus $14m, or $14.33 per barrel, in the third quarter of 2016. 

'The increase in total production expense was attributable to lifting two more cargoes than in the year ago quarter.   Exploration expenses totalled $37m for the third quarter, compared to $66m a year ago primarily the result of lower geologic and geophysical costs. 

While Kosmos was carried for the Hippocampe-1 exploration well by BP, $21m of expenses related to the drilling rig that were not eligible for reimbursement were expensed during the quarter.   Depletion and depreciation expense for the quarter was $73m, or $25.01 per barrel. 

This was an increase from $18.84 per barrel in the third quarter of 2016, primarily a result of production from the TEN fields coming online, which has a higher depletion rate.   General and administrative expenses were $20m during the third quarter, slightly less than a year.

It said  this amount included approximately $10m in cash expense and $10m in non-cash equity based compensation expense.  




 

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