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Kosmos Energy (NYSE:KOS) +1.9% in early trading Wednesday after announcing the start-up of oil production from two development wells at the Winterfell field in the U.S. Gulf of Mexico.
A third well at Winterfell is currently being drilled and anticipated to come by the end of Q3, with the three initial wells expected to deliver gross production of ~20K boe/day.
The first phase of the development, with five wells in total, is expected to deliver ~100M boe with upside from subsequent phases.
“The startup of Winterfell is another significant milestone for Kosmos,” Chairman and CEO Andrew Inglis said. “With high margin barrels, low carbon intensity and a quick expected payback, Winterfell has the right characteristics for Kosmos’ portfolio.”
Kosmos (KOS) owns a ~25% working interest in Winterfell; U.S.-based independent Beacon Offshore is the operator.