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Kosmos Energy’s Pontoenoe exploration well fails

Some evidence of a petroleum was seen but the well failed because the prospect had no trap

oil and gas operations
It will be plugged and abandoned

Kosmos Energy Plc’s (LON:KOS, NYSE:KOS) latest exploration well, Pontoenoe-1, offshore Suriname, has failed to make a new discovery.

The well’s target was found to be water bearing. According to Kosmos, there is evidence of a working ‘source kitchen’ (the basis for a petroleum system), but, the exploration prospect failed because of a lack of trap.

READ: Columbus Energy says it will deliver 2018 production target

Pontoenoe-1 will be plugged and abandoned.

“We are in the early stages of exploring the emerging Suriname-Guyana basin, and given the indications of a mature source, quality cretaceous reservoir, and the independent nature of the prospectivity we believe there is significant remaining potential in Block 42,” said Andrew Inglis, Kosmos chief executive.

“Our current plan is to test the next prospect in 2020."

Quick facts: Kosmos Energy Ltd

Price: 412 GBX

LSE:KOS
Market: LSE
Market Cap: £1.65 billion
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