Investor Presentation September 2012 BRAD WHITMARSH Investor Relations 214.445.9772 bwhitmarsh@kosmosenergy.com Strictly Private and Confidential
A Differentiated Investment Opportunity Delivering value through exploration and development success • Proven Strategy of Finding and Exploiting New Petroleum Systems – Excellent track record of exploration discovery – Industry-leading development success • Significant, De-risked Production and Reserves Growth – Ramping up to an extended production plateau – Progressing toward plan of development for TEN project • Pursuing Substantial Exploration Upside – Active 2012 drilling program with meaningful catalysts – Building high-potential portfolio in multiple new basins for drilling from late 2012 • Robust Financial Capacity – Substantial existing and growing cash flows – Strong balance sheet to fully fund operating programs going forward September 2012 2 Investor Presentation
Proven Business Strategy Find and develop large quantities of high-value barrels September 2012 3 Investor Presentation
High Quality, Oil-Levered Portfolio Growth-focused asset base with Big E upside • Opened Tano Basin (Ghana) With World-Class Discoveries – Originator of the Upper Cretaceous stratigraphic play in West Africa – Jubilee discovery de-risked follow-on prospects – Expanding Ghana production with additional development – Impactful 2012 exploration program delivering success • Accessing New Petroleum Systems – Building high-potential portfolio of strategic opportunities based on existing and new themes and geographies – Drilling to open potential new basins commencing late 2012 September 2012 4 Investor Presentation
Tano Basin Petroleum System - Ghana Foundation of the Company and platform for future growth • Industry-leading Success at Jubilee – Significantly improving Phase 1 productivity – Implementing the next development phase (Phase 1A) – Ramping up to facility capacity of 120 MBpd, gross • Progressing Additional Developments – Submitting PoD for TEN project on Deepwater Tano by YE12 – Multiple existing discoveries on West Cape Three Points • Testing Further Exploration Upside – Wawa success and 2 additional Deepwater Tano wells in 2012 September 2012 5 Investor Presentation
Jubilee: Tano Basin-Opening Discovery World-class find and landmark development • Discovery Mid-2007, First Oil Late 2010 • Strong Reservoir and Field Performance – 600 MMBoe to >1BBoe gross resources – High per-well deliverability – Field-wide pressure support confirmed – Generating strong cash margins • Multi-phase Development Project – Phase 1 enhancement activity success – New wells planned from Phase 1A FPSO Processing Capacity – Additional phases expected to follow 120 Oil Production (MBpd) 1,600 Oil Storage (MBbl) • Long-life Production and Cash Flows 230 Water Injection (MBpd) – Fully funds follow-on development and new 140 Gas Injection (MMcfpd) basin exploration program > 95 Facility Uptime (%) September 2012 6 Investor Presentation
Growing Production to Facility Capacity Near-term production upside from Jubilee • Enhancing Phase 1 Deliverability – Detailed diagnostic work identified cause and effective solution – 5 acid treatments performed - resolved localized flow restriction – Significantly increased well productivity – Early sustained effectiveness • Implementing Phase 1A – 5 new production wells, 3 injectors – Optimizing drilling and completion designs – Two production wells online by YE12 • Gross Average 70 to 80 MBpd in 2012 – YE12 exit rate anticipated >90 MBpd, gross – Anticipated significantly higher production in 2013 * Total for the 5 Jubilee Phase 1 wells treated September 2012 7 Investor Presentation
Second Major Offshore Project Near-term development for TEN oil fields • Appraisal Program Complete – Substantial Enyenra and Ntomme oil discoveries – Recent strong oil flow test rates – High-quality reservoir characteristics – Pmean 360 MMBoe for TEN fields with approximately 70% oil • Finalizing FPSO Design and Scope – Identifying necessary long-lead items – Tendering equipment and installation – Capacity to handle additional discoveries • PoD Submission Expected by YE12 – Declaration of commerciality September 2012 8 Investor Presentation
Ongoing Appraisal of WCTP Discoveries Significant crude oil and natural gas found in multiple fields • Refining Resource Estimates – Mahogany oil discovery – Teak oil and gas condensate discovery – Akasa light oil discovery – Multiple reservoirs, pools distributed stratigraphically and geographically • Optimizing Development Potential – Assessing multiple scenarios, optimal development likely tie-back to Jubilee – Strong recent flow rates at Akasa-1 DST – Additional appraisal necessary to further determine development options September 2012 9 Investor Presentation
2012 Exploration Upside in Ghana Testing material unrisked potential to Kosmos Okure – Turonian-aged interval beneath Enyenra – Stratigraphy intersected in Enyenra-2A – Pmean 250 MMBoe + – Results expected 4Q12 Sapele Wawa Discovery – Downdip and analagous – Oil and gas-condensate to Mahogany and – Turonian-aged reservoirs Jubilee discoveries – Separate accumulation – Pmean ~ 75 MMBoe from TEN fields – Results expected late – Potential tie-in to TEN 4Q12 development September 2012 10 Investor Presentation
Expanding Exploration Portfolio Increasing opportunity set to open petroleum systems • Accelerating Inventory Build – Ongoing identification and evaluation of new basins with significant hydrocarbon potential – Capturing strategic positions and operatorship • Recent Acreage Adds in Suriname, Mauritania, and Morocco – Focused on existing and new geologic themes and geographies • Substantial Expansion Since IPO – ~3X increase since early 2011 – Attracting significant industry interest September 2012 11 Investor Presentation
Focused Themes and Geographies Driven by technical strengths and core competencies • Petroleum System Approach – Existing theme, existing geography (Ghana, Mauritania, Morocco) – Existing theme, new geography (Suriname) – New theme, same geography (Cameroon) – New theme, new geography (Morocco) • Multi-billion Barrel Resource Potential – License areas equate to over 4,200 GOM blocks in size – Ability to replicate Tano Basin success • Targeting Multiple Basin-opening Wells Per Year – Beginning with Cameroon spud late 2012 September 2012 12 Investor Presentation
Rio Del Rey Petroleum System Cameroon – near-term drilling opportunity • Extension of a Proven Offshore Play – Deepwater Tertiary trend onshore – Analogous to >1BBoe Alba oil and natural gas condensate field offshore • Built Substantial Acreage Position – 720 K gross acres – 100% WI, operated by KOS • First Prospect to Drill Late 2012 • Multiple Follow-On Opportunities – 3 to 4 additional prospects September 2012 13 Investor Presentation
Sipo Prospect Onshore Cameroon 150 MMBoe mean unrisked potential with first operated well • Sipo Planned to Start Late 2012 – Toe-thrust anticline prospect – Results anticipated in 1Q13 – Proven oil shows in nearby location • Preparing Well Location for Drilling – Minimizing onshore footprint – Heli-rig operation A B Munge-1 Oil Shows Sipo Sipo South September 2012 14 Investor Presentation
Multiple New Petroleum Systems Morocco – overlooked frontier opportunity with huge potential • Substantial Acreage Position – 13.7 MM gross acres operated by KOS – Equivalent to over 2,300 GOM blocks • Aggressively Advancing Plans – Recent 3D data acquisition in Agadir Basin – Reprocessing seismic on Cap Boujdour – Play diversity and prospect dependency – Multiple leads and prospects identified • Targeting Multiple Wells in 2013/2014 • Significant Recent Industry Focus – Independents and majors September 2012 15 Investor Presentation
Agadir Basin Petroleum System Morocco – progressing for potential 2013 drilling • Highly Prospective Position Captured – 6.4 MM acres operated by KOS • Combination of Exploration Concepts – Proven source rock and reservoir quality – Mid slope to basin floor fan reservoirs B A – Cretaceous turbidites with subsalt trapping geometries – Processing recent 3D seismic acquisition B A September 2012 16 Investor Presentation
Aaiun Basin Petroleum System Cap Boujdour – multi-billion barrel potential • Substantial, Frontier Basin – 7.3 MM gross acres operated by KOS • Multiple Plays and Fairways – Unexplored deepwater compressional anticline trend – Upper and Lower Cretaceous targets with 3 independent play fairways • Multi-billion Barrel Potential – Reprocessing existing 3D seismic data – Approximately 20 prospects and leads identified – Potentially drill as early as 2013 September 2012 17 Investor Presentation
Suriname – Guyana Petroleum System Suriname – expansion of African Transform theme across the Atlantic • Premier Position in Proven Basin – 2.8 MM gross acres operated by KOS – Same petroleum system as industry discovery in French Guiana – Recent joint agreement with Chevron • Significant 3D Seismic Program in 2H12 – Approximately 3,800 km 2 underway B – First drilling targeted as early as 2014 A B A September 2012 18 Investor Presentation
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