StockMarketWire.com - Kosmos Energy has completed drilling the Hippocampe-1 exploration well located in Block C-8 offshore Mauritania in approximately 2,600 metres of water.

Designed to test Lower Cenomanian and Albian reservoirs charged from the deeper Valanginian-Neocomian source, the Hippocampe-1 well was drilled to a total depth of 5,500 metres.

Kosmos said that well-developed reservoirs were encountered in both exploration targets but these proved to be water bearing.

It said the well would now be plugged and abandoned.

It said it believed that this prospect failed due to a lack of charge access in this part of the play fairway. Chairman and chief executive Andrew G. Inglis said: 'Following on from our Yaakar discovery earlier this year, Hippocampe-1 is the second of four tests of independent prospects located in the outboard basin floor fan fairways in our Mauritania and Senegal acreage.

'Although the well did not encounter oil or gas, it has, together with Yaakar, confirmed the presence of quality cretaceous reservoir in the outboard basin floor fans, which contain multiple leads and prospects, more than 200 kilometres from the north to south through our blocks.

'We are still in the early stages of opening this newly emerging basin and our forward drilling program remains unchanged given the independent nature of the prospect tests, in particular with regard to charge.'


At 8:18am: [LON:KOS] Kosmos Energy Ltd share price was -2.25p at 592.75p



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