Oil and gas exploration company, Kosmos Energy Ltd. (NYSE:KOS) witnessed a 13.8% decline in the last session amid heavy trade, following the news of the company’s failure to find hydrocarbons in its Requin Tigre-1 exploration well offshore Senegal. The stock closed at $5.74 yesterday, declining 15.5% in the past 30-day time frame.
The well is located at Saint Louis Offshore Profond block, where Kosmos holds 30% interest. BP (LON:BP) p.l.c. (NYSE:BP) has 60% interest in the prospect. Senegal's state-run oil company Petrosen owns the remaining 10% interest.
Notably, the company met the same fate previously in the Hippocampe-1 well in October and Lamantin-1 in December, located offshore Mauritania. Kosmos used Ensco DS 12 drillship - owned by Ensco plc (NYSE:ESV) - for drilling purposes at both these wells.
The company is conducting post-well analysis at Requin Tigre-1, which was drilled to 5,200 meters of depth. The data gathered from these three attempts will be added to the company’s information base related to the Mauritania and Senegal offshore prospects. Kosmos’ drillship will now move on to offshore Suriname, South America to test two oil prospects.
About the Company
Based in Hamilton, Bermuda, Kosmos operates as an oil and gas exploration and production company. It focuses on several regions in Africa and South America. The company has production and development projects located offshore Ghana and Equatorial Guinea.
Kosmos has lost 11.8% in the last year compared with 3.8% decline of its industry.
Zacks Rank and Stock to Consider
Kosmos has a Zacks Rank #3 (Hold).
A better-ranked stock in the oil and energy space is Cabot Oil & Gas Corporation (NYSE:COG) . It sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Houston, TX -based Cabot is an independent energy company. Its sales for the fourth quarter of 2017 are expected to grow 35.9% year over year. Earnings for 2017 are expected to be up 352.4%.
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Kosmos Energy Ltd. (KOS): Free Stock Analysis Report
BP p.l.c. (BP): Free Stock Analysis Report
ENSCO PLC (ESV): Free Stock Analysis Report
Cabot Oil & Gas Corporation (COG): Free Stock Analysis Report
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