Kosmos Energy Ltd.

Ladies and gentlemen, good morning and welcome to the Cosmos Energy first quarter 2024 earnings conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star and zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Jamie Birkeland, VP, Investor Relations. Please go ahead.

Thank you, Operator, and thanks to everyone for joining us today. This morning, we issued our first quarter 2024 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 materials 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, funds, and expectations. Actual results and outcomes could differ materially due to factors we note in the presentation and in our UK and SEC filing. 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'll turn the call over to Andy.

Thanks, Jamie, and good morning and afternoon to everyone. Thank you for joining us today for our first quarter results call. It's been an active start to the year for Cosmos, and I'll start today's presentation looking at the operational and financial momentum we've built in the first few months of the year. Neil will then walk you through this quarter's financial results before I look ahead to the catalyst for the remainder of the year. We'll then open up the call for Q&A. Starting on slide three with the delivery of our major projects, Cosmos had a strong first quarter with significant progress towards our goal of growing production by around 50% from the second half of 2022 to the end of 2024. In Ghana, all the planned 2024 Jubilee production wells are online, with one water injection well expected online later this quarter. Following completion of this well, the planned drilling campaign will conclude approximately six months ahead of schedule as a result of efficiencies in the drilling operations. In the Gulf of Mexico, oil production at Winterfell is expected to begin shortly from the initial two wells. A third well is due to come online later this year, increasing expected gross production to around 20,000 barrels of oil per day. In Mauritania and Senegal, the Tortue project continues to move towards first gas with several key milestones achieved already this year. I'll talk more about our progress on these projects later in the presentation. Looking further ahead, we continue to advance our next phase of growth projects. Long lead items are being secured for Tiberias to optimize the development timeline and project costs. We have also secured a two-year license extension for Yaka Turanga. While we see continued growth as an important part of the company's future, as I said last quarter, it will be selective and more measured in the coming years, consistent with sustained annual capex of around $550 million per year that is targeted from 2025 onwards. On the financial side of the business, we enhanced the company's financial resilience with the convertible bond issuance and the RBL refinancing. Neil will talk about these in more detail shortly. The transactions improved liquidity and extended our near-term maturities. The free cash flow inflection point we've been anticipating of around $100 million to $150 million per quarter once our development projects come online is now only a few months away. I'll now talk through the operational progress across our different business units starting in Ghana on slide four. Jubilee production in the first quarter was around 93,000 barrels of oil per day gross, almost 30% higher than the first quarter last year. This reflects the progress made from both the startup of the Jubilee Southeast project and the ongoing infill drilling program. Jubilee FPSO reliability continues to remain high at approximately 99% uptime for the first quarter. Boarding replacement was also strong in the quarter, around 110% as a result of high levels of water and gas injection. Gross Jubilee gas sales for the quarter was around 16,500 barrels of oil equivalent per day. Recently, the partnership agreed an 18-month extension to the Jubilee gas sales agreement at approximately $3 per mm BTU. In the second quarter, there is some planned maintenance of the onshore plant, which receives the Jubilee gas, and this is reflected in the 2Q guidance. On 10, gross production of 18,600 barrels of oil per day was in line with expectations, with high FPSO uptime of around 99%, similar to Jubilee. Turning to slide 5, production in the Gulf of Mexico for the quarter was approximately 14,500 barrels of oil equivalent per day net, in line with guidance. At Winterfell, where Cosmos has a 25% working interest, first oil from the two initial wells is expected shortly, with another well expected online in the second half of the year. Gross production when all three wells are online is expected to be around 20,000 barrels of oil equivalent per day. We estimate total gross resource across greater Winterfell of up to 200 million barrels of oil equivalent, providing significant future follow-on potential. To enhance existing production, we continue to invest selectively in high-return projects like the Oddjob subsea pump and Kodiak workover, both expected to finish around the middle of the year. The combined uplift from both these projects is expected to contribute around 5,000 barrels of oil equivalent per day net to Cosmos' year-end exit rate. The tornado field is expected to be offline for most of the second quarter for scheduled routine maintenance of the HP1 floating production unit, which has been factored into our guidance for the quarter. On Tiberias, where Cosmos is operator, we acquired part of Equinor's interest during the first quarter to maintain an aligned partnership. We now hold a 50% interest in the project, which is already included in our 2024 capital guidance. This phase development, a subsea tieback to Oxy's nearby Lucius platform, is progressing, with project sanction expected later in the year. Certain long lead items are being secured to optimize the development timeline and project costs. Around the time of project sanction, Cosmos plans to farm down to optimize our working interests to fit within our targeted capital program for 2025 and beyond. Please turn to slide six. Production in actual Guinea averaged approximately 24,400 barrels of oil per day gross, an 8,400 net in the first quarter. Cosmos lifted one cargo from actual Guinea during the quarter in line with guidance. In early February, as previously communicated, the operator paused the Sabre and Akume drilling campaign as a result of safety issues with the previous rig. The partnership has now secured the noble venture to resume the drilling campaign with a rig expected on location mid-year. The rig is scheduled to drill and complete two infill wells in Block G before moving to drill the King Deep ILX prospect in Block S. The new infill wells are expected to add around 3,000 barrels of oil per day net to Cosmos' year-end exit rate. The result of the King Deep Well, which is targeting gross resource of around 180 million barrels, is expected around the end of the year. Turning to slide seven. The Greater Tortue-Akmim project continues to move towards first gas, with significant progress across all work streams so far this year, with first gas expected in the third quarter and first LNG expected in the fourth quarter. The floating LNG vessel arrived in the first quarter and has been moored to the hub terminal. The partnership is now working with the vessel operator to accelerate commissioning. The subsea work is progressing in line with expectations, with the flowline installation complete and final connection work ongoing. Inspection and repair of the SDSO Fairleaf is now complete, and the vessel has left Tenerife and is en route to the project site with mooring work to commence thereafter. Hookup and commissioning of the FPSO remains on the critical path to first gas, which is expected in the first quarter. I'll now turn it over to Neil to take you through the financials.