b'prospects each year enabledTortue is expected to take just3 MTPA of LNG capacityby new partnerships withseven years from discovery toa highly material stake for supermajors. first gas. This industry-leadingKosmos. With our original BP In Equatorial Guinea, an areatimeline is the result of thecarry still in place, the goal is familiar to several memberslarge, high-quality nature offor Mauritania and Senegal to of our team who opened thethe resource base to deliverprovide a self-funded, long-basin in the late 1990s, oura low-cost feedstock gas,term, growing source of cash infrastructure-led exploration isthe innovative, cost-effectiveflow for the company.expected to target G-13, a 25- near-shore development 200 million boe prospect thatplan, and the power of aFOCUS ON SHAREHOLDER was discovered in the earlysimple, aligned partnershipRETURNS2000s. If successful, we expectthat was able to move fasterThis diverse set of activities to conduct an acceleratedthan traditional multi-partner growing oil production, tie-back development to theconsortiums seen elsewhereadvancing and monetizing Ceiba FPSO. in the industry. our gas assets, and pursuing In addition, we plan toKosmos and BP announcedexploration successis drill a prospect offshorea final investment decisionbacked by a strong balance Mauritania near the Bir Allah(FID) in late 2018, and gassheet that enables Kosmos to gas discovery as part of anproduction from the 2.5execute its strategy through effort to further confirmmillion tons per annumthe commodity price cycle. the resource base along(MTPA) Phase 1 is expectedWe fully expect to maintain the inboard gas trend,to begin in the first half ofthe financial discipline that underpinning an independent2022. Subsequent phases arehas long differentiated LNG hub in Mauritania.expected to increase outputKosmos from its peers. In to around 10 MTPA. addition, we plan to use Finally, we continueour strong free cash flow processing and evaluatingKosmos and BP estimate that there is 50-100 trillionto execute our growth plan recently acquired seismicwhile simultaneously reducing data to mature prospectscubic feet (Tcf) of gas in place offshore Mauritania anddebt and returning capital in Suriname, So Tom andto shareholders through the Prncipe, Equatorial Guinea,Senegal, enough to eventually support three 10 MTPA LNGdividend.Cte dIvoire, and Namibia for potential drilling in 2020hubsat Tortue on theTodays Kosmos is stronger and beyond. This importantmaritime border, at Bir Allahthan ever before. We are more work will also leverage theto the north in Mauritania,balanced and more capable strategic exploration alliancesand at Yakaar-Teranga to theof delivering short-, medium- we have formed with BP andsouth in Senegal. and long-term growth. Our Shell in Northern West AfricaKosmos has receiveddedicated employees are and Southern West Africa,unsolicited interest fromenergized by the potential respectively. a number of third partiesof the business and we look concerning Tortue andforward to an exciting future.WORLD-SCALE DISCOVERIES our wider Mauritania and Senegal discoveries, andSincerely,The Tortue LNG project offshore Mauritania andwe believe now is the right Senegal continues totime to reduce our position demonstrate our approachgiven the increased scale of to developing world-scalethis strategic resource. We discoveries by delivering firstintend to retain around a 10%Andrew G. Inglis production on an acceleratedworking interest across theChairman and Chief timeline and therebybasin, or equivalent to 5-10Executive Officermaximizing returns.Tcf in resource and around 2'