Kosmos Energy Ltd.

Good day, everyone, and welcome to Cosmos Energy's third quarter 2024 conference call. As a reminder, today's call is being recorded. At this time, let me turn the call over to Jamie Buckland, Vice President, Investor Relations at Cosmos Energy.

Thank you, Operator, and thanks to everyone for joining us today. This morning, we issued our third 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, 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. 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 third quarter results call. I'll start today's call by looking at the operational momentum and enhanced financial resilience we have built across the business during the quarter. I'll then hand over to Neil to look at the numbers in more detail, touching on some of the key financial objectives we've completed in the last few months. Neil will then look forward to 2025, where we'll discuss our CapEx plans for the year ahead before I wrap up. We'll then open the call for Q&A. Starting on slide three, Two years ago, we set a target to grow production by 50% from around 60,000 barrels of oil equivalent per day to around 90,000 barrels of oil equivalent per day. As this slide highlights, we're making good progress towards that goal. In the Gulf of Mexico in the third quarter, we achieved first production of Winterfell and completed two production enhancement projects at Kodiak and Oddjob, both of which are performing well. In actual Guinea, the drilling campaign is underway, with the first of two wells online in October, and the second one expected online later this month. We expect to spuddy clean deep ILX well imminently, with the result by year end. In Mauritania and Senegal, the partnership has made good progress over the last three months, with the project now nearing start-up. I'll talk more about that shortly. In Ghana, we finished the three-year drilling campaign mid-year and are now optimizing the activity schedule for 2025. On the finance side, we've done a lot this year to enhance the financial resilience of the company by extending maturities, enhancing liquidity, and simplifying the capital structure. Neil will go into more detail on these points later in the presentation. So in summary, we're making good progress towards achieving our year-end goals. As production rises, we will remain focused on disciplined capital allocation with a plan to significantly reduce growth capex year on year. As we look ahead to 2025, we plan to prioritize free cash flow to enhance the value of the company for our shareholders. Turning now to slide four, we look to the core to show you more detail. Gross tube lead production in the quarter was around 87,600 barrels of oil per day, with year-to-date production of just under 90,000 barrels of oil per day. FPSO uptime remained high at 99%, whilst volume replacement, or the water injected to replace produced fluids and maintain reservoir pressure, was approximately 90% below the 100% target. This was a result of lower than planned uptime of the generators supplying power to the water injection pumps. As I've discussed in previous quarters, to get maximum performance from the field, it's critical to sustain water injection at levels that achieve body replacement in excess of 100%. Water injection is now being restored to record levels of around 300,000 barrels of water per day, which should enhance body's replacement going forward. Third quarter gross gas production averaged 12,700 barrels of oil equivalent per day, which was lower quarter on quarter, reflecting the planned downtime of the onshore gas processing plant we planned for last quarter. During the quarter, the partnership contracted a new 4D seismic survey over the Jubilee field starting in early 2025. The survey will be the first 40 that the partnership has conducted in almost eight years, having missed the cycle during COVID. It will utilize the latest processing techniques and should generate a significantly improved image of the reservoir and fluid movements, further enhancing our understanding of this wall-class field. The results of the survey should help to high-grade well locations for the next phases of drilling. On 10, the field is performing slightly ahead of expectations, with gross oil production of 18,500 barrels of oil per day in the quarter, and 18,800 for the year today. FPSO uptime remains high, around 99%. An extra-organic gross production averages around 23,000 barrels of oil per day. The infill-grilling campaign is underway with the first well online, increasing gross production to around 30,000 barrels of oil per day. The second infill well is expected online later this month. These two wells combined should add around 3,000 barrels of oil per day net to COSMOS by year-end. Following these two infill wells, we expect to spud the King Deep ILX well imminently with a result by year-end. In the U.S. Gulf of Mexico, production in the quarter was ahead of expectations at 17,000 barrels of water equivalent net to COSMOS, despite an active hurricane season. In early 3Q, we saw the start-up of the Winterfell project with two wells online in July, followed by the third in early October. We successfully confirmed the extension of the main Winterfell reservoir to the south. It also confirmed the 20,000 barrel of oil equivalent per day gross production capacity from the first phase of drilling. However, shortly at the start of the third well, production of the field was curtailed due to sand production from the third well seen at the production facility. We're currently working with the operator to restart production from the first two wells, which collectively produce around 13,000 barrels of oil equivalent per day gross, and are evaluating options to remediate the third well. In the quarter, we also completed two important production enhancement projects, with a successful work over at Kodiak and start-up of the sub-sea pump projects, Dogjob, both of which are operated by Cosmos and are performing ahead of expectations. Current production in the US Gulf of Mexico has increased to approximately 20,000 barrels of oil equivalent per day, in line with expectations, and around 50% higher than the first half of the year. On Tiberius, our next ILX project, where Cosmos is operator, we've agreed with our 50-50 partner Oxy to defer sanctions to the second half of 2025 to prioritize cash generation in 2025. We continue to progress the farm down the field and have good levels of interest. Turning now to slide five, which provides an update on GTA. As the operator noted on their earnings call last week, good progress has been made across all the major work streams during the quarter. An LNG cargo has been brought in and the carrier is currently berthed alongside the hub terminal. LNG from the carrier is being introduced into the tanks of the floating LNG vessel to accelerate the cool-down process and commence commissioning of the LNG trains. The image on this slide and on the front cover of the presentation show the carrier at the hub terminal. After successful mooring operations last quarter, the FPSO is expected to be ready for start-up shortly, with a handover from the contractor Technic Energies to BP Operations. The subsea infrastructure is mechanically complete, which will enable first gas to flow from the field following FPSO start-up. First LNG is expected around the end of the quarter, which is when we start to recognize production. So in summary, significant progress over the last three months towards project startup, an important event for the GTA partnership and the people of Senegal and Mauritania. I'll now hand it over to Neil to take you through the financials.