American Oil and Gas Reporter - April 2019 - 94

SpecialReport: Gulf of Mexico Update
LLOG currently operates.
Beacon's net production is 10,000-11,000 boe/d on net
reserves of approximately 81 million boe, he says, but the
company forecast is trending upward quickly with first production
at LLOG-operated Buckskin scheduled for late second quarter
2019 once tie-in is completed to the Anadarko-operated Lucius
floating production facility.
Buckskin Development
Located in 6,800 feet of water at Keathley Canyon
785/828/829/830/871/872, Buckskin is an Eocene (Wilcox)
development at a total depth of approximately 29,000 feet.
Flow tests from the initial two development wells LLOG
drilled at Buckskin have been limited, but suggest initial production rates in line with top-tier Wilcox wells, Gutterman
reports. Including Buckskin and other developments coming
on line near the end of the year, Beacon should exit 2019 with
an additional 5,000-7,000 boe/d of net production to the company's output, he says.
"Similar to other successful Wilcox developments, rock and
fluid properties are outstanding and estimated ultimate recoveries
on a per-well basis continue to rise," Gutterman remarks.
Current development work focuses on the field's northern
portion, although the discovery well was drilled in the southern
portion, he notes, which could provide the opportunity for significant additional development during the new few years.
"Considering both the north and south ends, the field is estimated to contain approximately 500 million barrels in place,"
he reveals. "It is quite an undertaking to develop the entire field
with a likely minimum of four-five wells, and potential for 10
or more if we bring in the south end."
While much of the company's anticipated growth will be organic going forward, including increasing exposure at BOEM
lease sales, Gutterman says the company will remain opportunistic
in its approach to inorganic options as well.
Staying The Course
Dallas-based Kosmos Energy Ltd. plans to stay the course
established by Deep Gulf Energy, which it acquired last fall, by
focusing on a large inventory of low-risk exploration prospects

in the deepwater Gulf, says Richard Clark, senior vice president
and head of Kosmos' Gulf business unit and former president at
Deep Gulf.
Kosmos Energy reported in late February that it already had
realized 1.5 times the $1.2 billion capital investment it made
last September to purchase Deep Gulf Energy, including both
operated and nonoperated holdings in the Mississippi Canyon,
Green Banks, Garden Banks and East Banks areas.
The company's goal is to become the "premier Atlantic
Margin deepwater operator," says Chairman and CEO Andrew
G. Inglis. He points out that the acquisition gives Kosmos an
entrance into the Gulf to complement its established operations
offshore Suriname, Equatorial Guinea, Ghana, Côte d'Ivoire,
Senegal and Mauritania.
Noting that Kosmos/Deep Gulf Energy has a 63 percent
Gulf drilling success rate, and a Gulf track record of
progressing from discovery to production in fewer than 18
months, Inglis says Kosmos' strategy is focused on active
management of a deep and diverse portfolio with a focus on
value creation.
"We have demonstrated exploration excellence, executed
with a rifle shot approach," Inglis commented during a Feb. 28
conference call. "We have a rapid development cycle with a
focus on payback. This is a DNA of Kosmos that makes us the
partner of choice."
The company notes its proved net reserves in the Gulf of
Mexico at the end of 2018 were 51 million boe, and Kosmos
expanded its inventory at Sale 251 in August with high bids
alone or in partnership with other independents on seven
deepwater blocks: Keathley Canyon 720, 764 and 814, Mississippi
Canyon 261 and 304, and Green Canyon 437 and 852. At Sale
252 in March, Kosmos was high bidder on nine tracts: Green
Canyon 899 and 900, Keathley Canyon 858 and 964, and De
Soto Canyon 221, 265, 266, 310 and 617.
The company expects its Gulf production to grow to
27,000 boe/d in 2019 (up from 24,000 boe/d at the end of the
third quarter of 2018), Clark reports. To accomplish its objectives, he says Kosmos expects to bring five wells on production during the next two years: Tornado, Odd Job and
Nearly Headless Nick in 2019, and South Santa Cruz and

Kosmos Energy expects to bring three wells
on production this year in the Gulf of Mexico-Tornado, Odd Job and Nearly Headless
Nick-followed by South Santa Cruz and Kodiak in 2020. Kosmos is operator of Odd Job
in Mississippi Canyon 214/215, South Santa
Cruz at Mississippi Canyon 563 and Kodiak
at Mississippi Canyon 727/771. Tornado in
the Green Canyon area is operated by Talos
Energy and Nearly Headless Nick in the Mississippi Canyon area is operated by LLOG
Exploration.

94 THE AMERICAN OIL & GAS REPORTER



American Oil and Gas Reporter - April 2019

Table of Contents for the Digital Edition of American Oil and Gas Reporter - April 2019

Contents
American Oil and Gas Reporter - April 2019 - Intro
American Oil and Gas Reporter - April 2019 - 1
American Oil and Gas Reporter - April 2019 - 2
American Oil and Gas Reporter - April 2019 - Contents
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