Kosmos Energy Ltd.

Good day, everyone. Welcome to Cosmos Energy's third quarter 2020 conference call. Just a reminder, today's call is being recorded. At this time, let me turn the call over to Jamie Rutland, Vice President of Investment Relations at Cosmos Energy.

Thank you, Operator, and thanks to everyone for joining us today. This morning, we issued our third quarter earnings release. This release and the slide presentation to accompany today's call are available on the investors page of our website. Joining me on the call today to go through the material are Andy Ingalls, Chairman and CEO, and Neil Shah, CFO. During today's presentation, we will make forward-looking statements that refer to our estimates, plans, and expectations. Actual results and outcomes could differ materially due to factors we note in this presentation and in our UK and SEC filings. Please refer to our annual report stock exchange announcement, and SEC filings for more details. These documents are available on our website. And at this time, I will turn the call over to Andy.

Thanks, Jamie, and good morning and afternoon to everyone. I'll start today's presentation with the highlights for the quarter before passing you over to Neil to talk through the financials. I then want to spend the bulk of the call talking about the Tortue project and the significant progress we've made this year and our plans for this quality asset going forward. Neil will then cover the balance sheet and I'll conclude the presentation before opening up to Q&A. Turning to slide two, the key messages for the quarter. Cosmos delivered a robust operational performance in the quarter with production of around 57,000 barrels of oil equivalent per day. This was slightly below our prior guidance, largely due to the elevated storm activity in the Gulf of Mexico. However, production in Ghana and actual Guinea was steady, with both assets performing in line with expectations. This should allow us to deliver annual production in the range of 61,000 to 62,000 barrels of oil equivalent per day, near our initial guidance at the start of the year. In Mauritania and Senegal, we've been working closely with BP and the NOCs to optimise the Tall Tube project. I'll talk more about the project later in the presentation. It's a world-class development that's progressing well in an environment where many projects are getting deferred. Phase 1 remains on track for first gas in the first half of 2023, coinciding with the time the LNG market is expected to tighten. The optimisation of Phase 2, targeting an expansion to 5 million tonnes per annum, simplifies the project by leveraging existing infrastructure from Phase 1, significantly reduces costs and boosts the overall project return. With the prospect of enhanced future returns, now is not the optimal time to reduce our interest in the project, and we've established a financing path which funds our capital obligations to First Gas. And finally, we continue to strengthen the balance sheet. In September, we monetized our frontier exploration portfolio to Shell for around $100 million in upfront cash consideration. We expect to receive the proceeds shortly. We've also put in place a five-year Gulf of Mexico facility, which provides the company with additional liquidity and replaces our Gulf of Mexico prepayment facility. With the actions we've taken this year, we expect the base business to generate free cash flow at current oil prices going forward. Turning to slide 3. As I mentioned on the previous slide, Cosmos delivered solid operational performance in 3Q. In Ghana, net production of around 28,000 barrels of oil per day was in line with guidance. Jubilee continues to perform well with high reliability, delivering gross production of around 88,000 barrels of oil per day within the quarter. Uptime on the facility was over 98% for 3Q and now over 95% for the year so far. At 10, gross production of around 50,000 barrels of oil per day was in line with guidance. Facility uptime at 10 was 98% in 3Q and 99% for the year so far. For the full year, we still expect 10 cargoes to be delivered from Ghana. In Equatorial Guinea, net production of around 11,000 barrels of oil per day was in line with guidance and is expected to stay flat until drilling begins next year. We still expect 4.5 cargoes to be delivered from Egypt. In the Gulf of Mexico, net production was around 18,000 barrels of oil equivalent per day in the quarter, around 10% lower than guidance, reflecting the elevated hurricane activity. 2020 has seen one of the most active storm seasons in history, and as a result, our fields had 17 days of downtime during the quarter, which is significantly higher than the six days of total downtime we typically forecast for a storm season. That said, the base production from our Gulf of Mexico assets is encouraging. The Tornado 4 injection well came online in late September and initial results have been positive. We also expect to begin the Kodiak completion this month and bring the well online early in 2021. In our ILX portfolio, we expect to spud the Winterfell exploration well, previously named Monarch this quarter, with the results expected early next year. Stepping back, it's been a tough year operationally due to COVID, the Gulf of Mexico shutdowns in May and the increased level of hurricane activity. That said, with all of these challenges, full-year production is still expected to come in at 61 to 62,000 barrels of oil equivalent per day, near our initial guidance at the start of the year. This highlights the quality and diversity of the asset base, which enables Cosmos to be resilient in a low-price environment. With that, I'll hand over to Neil who will take you through the financials for the quarter.