StockMarketWire.com - Kosmos reported a wider net loss of $122.1m, or $0.31 per diluted share for 2017 compared to a net loss of $56.7m or $0.15 per diluted share in the same period last year.

The company's said net reserves at the end of 2017 were 110m barrels of oil equivalent MBoe, including 89mMBoe of net reserves in Ghana and 21mMBoe of reserves in Equatorial Guinea.

Full year capital expenditures totaled $57m, net of the initial proceeds from the BP transaction of $222m.

In Ghana, Kosmos replaced 214% of production, on a net proved basis, primarily related to the approval of the Greater Jubilee Full Field Development Plan and positive revisions at TEN.

Fourth quarter 2017 oil revenues rose to $187.1m versus $156.1m in the same quarter of 2016, on sales of 2.9m barrels of oil in 2017 as compared to 3.0m barrels in 2016. At the end of the quarter, the company reported a net underlift position of approximately 0.4m barrels of oil.

Production expense for the fourth quarter rose to $46m, or $15.75 per barrel, versus $44m, or $14.75 per barrel, in the fourth quarter of 2016. Production expense per barrel increased in the fourth quarter of 2017 compared to the same quarter a year ago primarily because there were no LOPI claim reimbursements received in the fourth quarter of 2017.

Exploration expenses totaled $53m for the fourth quarter, compared to $76m in the same period of 2016 primarily the result of lower geologic and geophysical costs.

Total capital expenditures in the fourth quarter were $62m.

'2017 was a year of strong operational and strategic delivery,' said Andrew G. Inglis, chairman and chief executive officer.

'We delivered more than $300m in net cash flow which was used to diversify our production base and create another source of growth through the acquisition of assets offshore Equatorial Guinea, and reduce our net debt.'

'In Ghana, Kosmos replacedmore than 200 percent of production on a net proved basis. In exploration, we completed the second phase of drilling offshoremauritania and Senegal, which resulted in the largest hydrocarbon discovery of the year.'

'With growing production, the Tortue development advancing at pace with the approval of the ICA, and an exploration portfolio that provides a sustainable,multi-year drilling program, Kosmos is stronger than ever.'






At 9:33am: [LON:KOS] Kosmos Energy Ltd share price was -6.5p at 415p



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