Kosmos Energy Ltd. (KOS) has announced their financial and operating results for the second quarter of 2016. The Company generated a net loss of $ 108.3 million or $0.28 per diluted share as compared as compared to a net loss of $75.2 million or $ 0.20 per share in the same period last year.
Th chairman and chief executive officer, Andrew G. Inglis, said:
"We are at an inflection point in the company's history with production increasing and our capital requirements decreasing. Our Ghana asset continues to be a solid foundation for Kosmos, delivering near-term production and cash flow growth. With the revised operating procedures at Jubilee working as anticipated, the start-up of the Tweneboa, Enyenra and Ntomme (TEN) project shortly, and our comprehensive hedging and insurance programs, our financial position remains strong. In addition, the quality of our exploration prospectivity continues to improve with the addition of new data following our drilling success over the past year and recently acquired seismic data".
Kosmos Energy is well known by government officials, business leaders and peers for its advanced scientific, operational, development and commercial experience in Africa. A group of five executives with proven track records in the oil and gas industry in general and West Africa in particular established Kosmos.