2017 was a year of strong operational and strategic delivery. Kosmos achieved notable success across several key areas of the business that position the company well for the future. We have built a balanced portfolio and can look forward to growth from our production assets, development projects, and exploration portfolio. FELLOW SHAREHOLDERS ANDREW (ANDY) G. INGLIS Chairman and Chief Executive Officer INCREASED HIGH-MARGIN PRODUCTION AND PROVED RESERVES With the approximately $320 million of free cash flow we generated in 2017, Kosmos used the proceeds to acquire an interest in the Ceiba and Okume oil fields offshore Equatorial Guinea and also to pay down debt. The acquisition of these production assets grew and diversified our production base by adding approximately 14,000 barrels of oil per day (bopd) of net production, as well as net proved reserves of more than 20 million barrels of oil equivalent (mmboe). Production from the Jubilee and TEN fields offshore Ghana increased steadily from 88,000 bopd gross in early 2016 to approximately 150,000 bopd gross at year-end 2017. We expect Ghana production to continue to grow in 2018 as we resume drilling on both fields in connection with further development at TEN, as well as the now-approved Greater Jubilee Full Field Development Plan (GJFFDP). Our assets in Ghana and Equatorial Guinea generate high-margin barrels – approximately $40 per barrel of operating margin at $60 per barrel Brent – and we expect margins to increase further as we continue working with our partners to drive efficiencies. Kosmos’ assets in Ghana and Equatorial Guinea are big fields which continue to get bigger. In Ghana in 2017, Kosmos replaced 214% of production on a net proved basis. Over the last three years in Ghana, we have averaged a reserve replacement ratio of more than 140%. ADVANCED TORTUE DEVELOPMENT We expect the next phase of major production growth for Kosmos to come from our competitively positioned Tortue gas project. With approximately 15 trillion cubic feet (Tcf) of discovered resource, we believe the Tortue field has the gas in place to support a 10 million tons per annum (mmtpa) LNG project. The $533 million development carry we have from BP funds a substantial portion of our share of the initial 2.5 mmtpa phase and establishes the infrastructure for the ramp up to full development. The recent signing of the inter-governmental cooperation agreement by the governments of Mauritania and Senegal enables work to continue at pace with a final investment decision expected around the end of 2018 and first gas production from Tortue in late 2021. DELIVERED EXPLORATION SUCCESS AND BUILT A BALANCED EXPLORATION PORTFOLIO In 2017, Kosmos completed the second phase of exploration offshore Mauritania and Senegal which yielded the industry’s largest hydrocarbon discovery of the year at Yakaar-1, as well as important new sub-surface data that will help us refine our understanding of how the petroleum systems offshore the two countries work. We also matured two promising prospects offshore Suriname which we expect to test in 2018.