Thursday, 17 November 2016

Senegalese Oil and Gas industry: Kosmos Energy trebles his budget on offshore gas exploration in Senegal

The online news bulletin of Kosmos Energy Ltd, announced the company financial statements. The Company shows losses, but trebles its budget for the gas exploration in Senegal.

Kosmos Energy, which owns  60 % rights for the exploration on the deposits of Kayar and Saint-Louis (against 30 % of Timis Corp., and 10 % of Petrosen), is very optimistic for its plans of exploration in the country  and in Mauritania. "The quality of our range of working was never also robust. According to our discoveries of quality gas in the open seas of Mauritania and of Senegal, we accomplish a programme of boring multi-well, which should begin from mi 2017. He will aim at one of the broadest explorations, not bored, identified on the coasts of the Atlantic", declared the President managing director of Kosmos, Andrew Inglis, commenting on the results of the firm, last Monday. The last balance sheet of 2016 of the company specialized in offshore oil and gas exploration and production  had just been published. For period going from September till December, Kosmos Energy however accused 59,8 million dollar losses (36 543 518 111,41 FRS CFA). An insignificant fall in comparison with last year, over the same period, when the Company was in a net 60,3 million dollar income (36 838 773 552,42 FRS CFA) there. But according to more refined calculations taking into account elements having an impact on the comparabilit√© of results, Kosmos counts a net loss adjusted by 22 317 506 120,78 FRS CFA.

In spite of this financial poor performance, the expenses of exploration more then trebled for the last quadrimainmast of 2016, in comparison with the same period of last year. They show 40 635 000 000 FRS CFA against 11 617 000 000 in 2015. At the moment, these are plans in Ghana, or working has already begun, which seem to carry their first fruits. "With the first deliveries of oil of Plan TEN and progress for a complete restoration of Jubilee's capacity, our investment in Ghana attained an important inflexion point. Kosmos generates now a cash flow which is going to allow to pursue organic growth", follows Andrew G. Inglis. Besides because of additional reservations of Jubilee's field (Ghana), at the end of 2015, expenses of exhaustion and load of redemption lowered, passing the barrel to 11 511 FRS CFA, against 11 893 FRS CFA last year. General and administrative expenses are 13 449 000 000 FRS CFA is a fall of 18 % in comparison with last year. As for the tax on income, Kosmos got rid of 4 890 405 722,75 FRS CFA for the third quarter of 2016, made friends mainly in payments performed in Ghana.

Substantial incomes 

The incomes of the quadrimainmast are 28 755 000 000 FRS CFA against 59 357 000 000 for the same period in 2015. Figures which result from 900 000 barrel flow for 2016, compared with 1 000 900 barrels of 2015. More in detail, these oil incomes, including the programme of cover of the Company, are 59 000 FRS CFA by sold barrel compared with 52 584 FRS CFA by barrel of last year. At the end of this balance sheet, the Company is in excess a million barrels. If Kosmos ended the exercise of the last quarter of 2016 with nearly 673 172 658 567 FRS CFA in liquid assets, she has a 734 511 993 850-fr CFA debt net.

The Company with its head office in the Bermuda is specialised in exploration and production of the gas and of the offshore oil. She established a range on the opportunities of exploration of the oil and of the gas in the open seas of Mauritania, of Morocco, of Portugal, of Sao Tomé and Principle, of the Senegal, of Surinam and of West Sahara. The request note consulted on the Internet site maintains that Kosmos Energy undertakes currently the processing of seismic data and thinks in advance on perspectives to test new oil systems.

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