(RTTNews) – Oil exploration and production company Kosmos Energy Ltd (KOS: News ) on Thursday reported a turnaround to profit in the third quarter on strong revenue growth. This is the company’s second quarterly results since it went public in May.
The Africa-focused company’s net income for the third quarter was $51.78 million or $0.13 per share, compared to net loss of $99.21 million in the year-ago quarter.
Total revenues and other income for the quarter surged to $232.85 million from $1.99 million in the year-ago quarter. Oil revenues for the quarter were $230.62 million, or $115.50 per barrel sold.
Brian Maxted, President and Chief Executive Officer of KOsmos Energy, said, “Our results for the third quarter were very strong, supported by our oil liftings and continued robust Brent pricing. While production at Jubilee has not ramped up as quickly as planned, the ultimate resources recoverable from this giant field are unchanged, and we continue to be encouraged by its reservoir performance.”
The company noted that two Jubilee liftings in the quarter totaled about 2 million barrels of oil, net to Kosmos. The company is the operator of Ghana’s large Jubilee oil field. Kosmos, together with its partners U.K.-listed Tullow Oil plc (TLW.L) and U.S.-based Anadarko Petroleum Corp. (APC) discovered Jubilee in 2007.
Kosmos said its new ventures team is pursuing a number of opportunities to further enhance the company’s exposure to new petroleum systems. The company recently entered into a new petroleum agreement for the Essaouira Block offshore the Kingdom of Morocco.
Kosmos will be the operator of the Essaouira Block with a 37.5 percent working interest. As a result of the new deal, Kosmos’ total acreage position offshore Morocco has grown to about 12 million gross acres. The company is planning an approximately 5,000 square kilometer seismic shoot offshore Morocco on the Foum Assaka and Essaouira Blocks, targeted to begin before year-end 2011.
KOS closed Wednesday’s trading at $13.64, up $0.14 on a volume of 384,400 shares.
