Investor Presentation NYSE: KOS March 2017 Strictly Private and Confidential
Kosmos A Unique Investment Thesis Proven, Repeatable, Differentiated Strategy that Delivers Value Firm Foundation in Ghana Visible & Funded Growth from Tortue Gas World-Class Basin Opened in Mauritania and Senegal…
Differentiated Strategy Kosmos targets large resources with good fiscal terms which positions our assets at the low end of the cost curve and enables us to create value throughout the commodity cycle New Basin Creaming Curve Since…
Kosmos Strategy is Delivering Value Farm-out transaction demonstrates that Kosmos unique business model can deliver competitive returns when executed correctly Minimum returns of 2.5x proportionate back Kosmos Exploration Returns 2…
Substantial Drill Out in 2017-2018 Kosmos 2017-2018 portfolio drill-out will test some of the largest prospects identified by industry. Only supermajors are testing more net resource 4,000 3,500 Net Unrisked Resource (MMBoe) per…
2017-2018 Portfolio Drill Out in Context Kosmos has the highest impact exploration program in its peer group 2,000 1,800 Net Unrisked Resource Drill-Out 2017-18 (MMBoe) per REP 1,600 Higher Potential Higher Potential 1,400…
Ghana Asset Inflection Point Has Arrived Foundation asset delivering increasing production and cash flow as capex declines, providing free cash flow for growth 35 Ghana Net Production Volumes1 Production expected to grow 40% as capex…
Opening Mauritania / Senegal The outboard Cretaceous petroleum system offshore Mauritania and Senegal is a super-major scale hydrocarbon province with world-class discovered gas resource and substantial follow-on potential, including for…
1st Exploration Phase Inboard 25 Tcf of discovered gas resource along inboard Senegal River fairway of northern Senegal and southern Mauritania with total potential of over 50 Tcf in well-delineated and calibrated sands Successfully…
Defined, Efficient Path to First Gas from Tortue Partnership with shared vision for fast-tracked gas development provides foundation for delivery of funded growth Tortue-1 discovery BP operates development of Tortue project targeting…
Mauritania / Senegal Charge Model Summary Updated hydrocarbon charge model explains results to date and predicts phase; we believe there is a strong chance of finding oil or liquid-rich gas on the outboard basin floor fan fairways…
Yakaar Prospect 15 TCFE + 750 1,500 MMBBL Liquids1 gross unrisked resource potential Located outboard Senegal, down-dip of Teranga-1 gas discovery, charged from more oil- C6 prone / mature Neocomian-Valanginian source kitchen C12…
Requin Prospect 5 10 TCFE + 250 1,000 MMBBL Liquids1 gross unrisked resource potential Located in southern Mauritania, outboard of the Tortue gas discovery, charged from a C6 more liquid-prone Neocomian-Valanginian source kitchen…
Lamantin Prospect 2 3 BBOE gross unrisked resource potential Located in the higher confidence Cenomanian-Turonian and Albian oil source C6 kitchen with increased probability for liquids Lamantin C12 Large, base of slope Upper…
Requin Tigre Prospect 60 TCFE + 3 to 6 BBO Liquids1 gross unrisked resource potential Located in northern Senegal, outboard of the Tortue gas discovery, charged from a C6 more oil-prone / oil-mature Neocomian-Valanginian source…
Suriname-Guyana Basin Up to two wells being matured to find oil in Suriname, including at least one in 2018 11,000 km2 (475 GoM blocks) position captures multiple plays 3D seismic interpretation and prospect evaluation in progress /…
So Tom Leveraging learnings and using industry down-cycle to re-enter Gulf of Guinea and find oil in an area we know well Play extension of proven Rio Muni oil province offshore Equatorial Guinea Play diversity with follow-on…
Financial Strength Significant liquidity and strong free cash flow generation enable execution Substantial liquidity 1.2 billion at year-end 2016 2017E Cash Sources and Uses 2017E Capex decreasing 75% from 2015 2017E Capex budget…
Kosmos Future Value Growth Growing cash flow in Ghana combined with defined and funded growth in Mauritania/Senegal creates a unique investment opportunity Growing production / cash flow with decreasing committed capex Growing cash…
Mauritania / Senegal Farm-Out Transformative transaction effectively funds 100% of Kosmos portion of Mauritania / Senegal expenditures for next several years 1 Fixed Consideration: 916 million 162 million up front Simple, Aligned…
Developing Discovered Gas Project moving forward with significant below and above ground progress made Quality Resource Deliver 15 Tcf with high resource density, high well deliverability Supportive Governments Anticipate…
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