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FA-1 Abandoned; Kosmos Plans Further Exploration
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Kosmos Energy Ltd. has announced financial and operating results for the first quarter of 2014, which included net income of $75 million, or $0.20 per basic share and $0.19 per diluted share as compared with $20 million, or $0.05 per basic and diluted share in the same quarter last year.
The current quarter’s results include a benefit to income of $24 million related to the farm-down of a portion of the company’s interest in three exploration licenses in Morocco’s Agadir Basin. In addition, first quarter results benefited from lower costs that more than offset a decrease in oil sales revenue primarily associated with lower oil prices.
Andrew G. Inglis, chairman and chief executive officer, commented: "We had a strong first quarter largely due to consistent production from the Jubilee…
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