Kosmos Energy Ltd. (KOS - Free Report) recently announced that the company has finished drilling and abandoning the Anapai-1A exploration well, which is located off the coast of Suriname in block 45. The company failed to find any oil at the site although there were high-quality lower Cretaceous reservoirs.
The well was drilled to 4,556 meters (14,947 feet) of depth for examining the reservoirs. In May, Kosmos declared that it has reconfigured the design of the well and spent $20 million until then for drilling purposes.
Notably, the company kept its drilling program unchanged and unaffected by the Anapai-1A exploration well findings. Kosmos will continue with the exploration work in the basin. The company owns 50% operating interest in the block, with Chevron Corp. (CVX - Free Report) partnering the project, holding the rest of the stake.
Per Kosmos’ plans, it will move forward with the test of new prospects in the third quarter. The company will test Pontoenoe next, which is the first prospect of the three planned ones in Block 42, also located offshore Suriname. Kosmos is also the operator in Block 42, with Chevron and Hess Corp. (HES - Free Report) as partners. Each company owns one third of the interest in the block, which is located around 70 kilometers (43.5 miles) to the west in Guyana.
Hamilton, Bermuda-based Kosmos, an upstream energy company, has gained 30.6% in the past year compared with 19.9% rally of its industry.
Zacks Rank and Another Stock to Consider
Currently, Kosmos has a Zacks Rank #2 (Buy). Investors interested in the energy sector can also opt for CNOOC Ltd. (CEO - Free Report) , which sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Hong Kong-based CNOOC is an integrated energy company. The company’s top line for 2018 is anticipated to improve 64.4% year over year, while its bottom line is expected to increase 124.3%.
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