Kosmos Energy -6% as Jubilee production guidance disappoints


Kosmos Energy (KOS -6%) sinks after Tullow Oil (TUWLF, TUWOY), KOS's partner in the Jubilee field offshore Ghana, said production would average 100K bbl/day of oil, below expectations.

KOS's net interest in the field's 2014 production is ~24.1K bbl/day, similar to 2013 levels; as a result, KOS expects to sell eight crude oil cargoes during 2014.

KOS says the revised forecast primarily stems from the recently completed third gas injection well, which started up in Q4 and provided minimal relief; reservoir performance and well productivity remain strong.

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